What would stand out if the 3rd image was another middle aged dude in a suit?
Well, the third guy has no mouth and four eyes that are constantly weeping blood. He doesn't have any hair, either, which wouldn't be too weird, but instead of being bald he has a swarm of bloated, red hornets crawling all over his head. Plus, the suit is purple and shiny, like a sixties lounge singer, which is a bit tacky compared to the somber, tasteful suits worn by both presidents.
Or did you mean another clean-cut guy who happens to be either black or white? Because that seems like rigging the game.
I mean, do you see social democracy the same way? Capitalism's critique of itself that ends up just strengthening capitalism? Unless you're like, a doctrinaire revolutionary Marxist the idea that one cannot subscribe to privilege theory without sacrificing a genuine left-wing politics seems absurd. Most of the people I know concerned with privilege theory are also concerned with economic inequality under capitalism. And I for one frequently criticize what I see as excessive focus on 'identity politics' at the expense of economic inequality (though I spend about as much time criticizing the opposite problem, class-reductionism).
You're conflating privilege theory with non-economic inequality. My objection isn't that contemporary privilege theory doesn't sufficiently emphasise class, or that it doesn't explain economic inequality (and it really doesn't): it's that doesn't explain non-economic forms of inequality. It's popular because its strategically useful in academic and campus politics, where competition for access to a predetermined quantity of centrally-controlled resources is assumed, but the world outside of the campus cannot be accurately described in such terms. It's a critique of capitalist politics, but not of capital economy: of the ways in which access to wealth and power are regulated, but not of the people doing the regulating.
Social democracy is more complicated. Certainly, it has conservative forms. But it can also be a starting place for a more radical critique. What's important isn't the specific policies which are proposed, its where they originate and how they are brought about: Sanders was no more a revolutionary than Tony Blair, but where Blair represented the ruling class and its sense of "good government", Sanders represented, or at least was able to represent, widespread working class discontent with the prevailing economic order.
I also don't really see how this translates into anything practical. The proletarian revolution ain't a-comin', not in these here United States, so dreams of racism withering away after capitalism has been destroyed just aren't going to cut it for me. In the meantime, we've gotta do something about this racism thing because the effects on people of color are intolerable to any 'humane' person.
All real social change has come from the solidarity of the working class, whether in whole in part. Privilege theory rejects class solidarity, not simply in the sense of the old Marxist chesnut that "identity politics divides the working class", but in the sense that it explicitly frames class solidarity as impossible. How can the oppressor be in solidarity with the oppressed? Progress can only be won when the oppressed becomes sufficiently wracked with shame to make concessions to the oppressor, a prospect just about as absurd as it sounds.
For proponent of privilege theory to produce a practical politics, they have to set it aside while they attempt to form a movement in support of progressive goals- that is, while they actually conduct the business of politics- and a theory that only can only serve as a moral cudgel is no kind of theory at all.