I think it is less of a waste of time then asking, say, the developers of Call of Duty the same thing. 
Near as I can tell, Bioware is pretty much leading the mainstream game industry when it comes to representation and diversity (in many respects at least). Obviously, thats frustrating in some ways because it'd be lovely to see them do more and push further (I'm not trying to say 'be greatful we're included at all' btw), but I do think they're learning and evolving with their audience. And its good to see that happening. By and large most of the conversations on the forums about these issues stay fairly respectful; that in of itself is a huge step, even if it doesn't always seem like it.
I think the opposite. I think people have a tendency to see Bioware as being better than they really are, just because there is literally no other option.
I can't speak to race, since that doesn't directly affect me, but I can definitely say that, despite their public stance about inclusivity, Bioware's treatement of LGBT players and characters is less than respectful.
I mean, they commissioned a prominent and outspoken anti-gay activist to write a Dragon Age spin-off comic, and outside of romance content (which up until DA2 has been heavily restricted for same-sex oriented players), LGB relationships are hidden (Bioware calls this 'being subtle'), and the characters in those relationships frequently end up dead.