It's almost like the original image is trying to describe equity and not equality.

That’s the way some people think of equality, and contrasted with what equity looks like, it demonstrates the flaw in that line of thinking.

Also, there is a version of this image where the fence is completely removed and the subtitle is “justice” or something like that, which is also a good contrast to both equality and equity.

You might be right, but in political rhetoric equality is often used in bad faith. Because the right knows equality doesn't solve most of the problems it's aimed at.