Major/minor race is a racist tool to subjugate and belittle - which is why the Vilani invented it and the Syleans continued it as a means to confirm their ascendancy.
Seems like a decently accurate judgement neutral descriptor for the political environment at the time the vilani invented it.
Other possible descriptions the vilani could have come up with:
People who have reached our level of technological achievement and people who havent, and who probably aren't going to.
People we have to take seriously, and people we don't.
People who have the potential to effectively resist us, and people who dont.
Is it really racist, or is it based on one technological-scientific-industrial achievement? Either a race accomplished it or not. Doesn't matter what their biology is.
It's not racist to say Vargr are prone to being swayed by charisma, kkree are claustrophobic, and hivers are afraid of close combat, because they are. It's not racist to say the Ael Yael are a minor race because they are. There are canon traveller races who will never amount to anything on the galactic stage, and the vilani were accurate to call them minor.
What would be racist is if a race did achieve jump drive on its own and the vilani said well no, you're not major because of your biology even though you passed the test, and that would be one instance of racial discrimination rather than an invalidation of an objective standard.