Is the WWE racist/xenophobic?

Seriously. If you ever watched it, there used to be a tag team called Latino Heat, whose motto was "we lie, we cheat, we steal". One of their gimmicks was riding in low riders to the ring. Hulk Hogan was the blonde white patriotic American hero. There was a Canadian group that were supposed to be anti-American heels, who basically would degrade the American flag. The Iron Sheik was quite the heel and stereotype. Anyway, all this makes one wonder if the WWE is racist and xenophobic. What do you guys think?