"In the view of many, equality isn't enough, because the "un-oppressed" are fundamentally privileged."

Then that's not equality - equality is, or should be enough, because if the issue of diversity and equality is 'minimizing / eliminating privilege' then by definition, equality is that privilege is the same for all (or zero).

For many though, this becomes a good cover for 'preferential treatment above and beyond equality, in the name of 'compensation'.'