Conservatives are labeling it that.
Just how they label factual American history as Critical Race Theory (CRT) because it can "potentially hurt feelings of White students" and have takes steps to ban the teaching of CRT.
From the DHS pdf I just read
Hold the L brehBehavioral health equity refers to the right to access quality health care for all
populations regardless of the individual’s race, ethnicity, gender, socioeconomic status,
sexual orientation, or geographical location. This includes access to prevention,
treatment, and recovery services for mental and substance use disorders. Advancing
health equity involves ensuring that everyone has a fair and just opportunity to be as
healthy as possible. In conjunction with quality services, this involves addressing social
determinants of health (SDOH), such as employment and housing stability, insurance
status, proximity to services, culturally responsive care – all of which have an impact on
behavioral health outcomes.
The behavioral health disparity impact statement is in alignment with the expectations
related to Executive Order 13985 “Advancing Racial Equity and Support for
Underserved Communities Through the Federal Government.”