Basically the Jim Cornette situation is the same as what happened to Hockey Analyst Don Cherry this past week.
Two old school broadcast colleagues that may know what they are doing, but are falling behind the trends, and who have said some questionable stuff before saying something which crosses a line and goes into poor taste and racism. For Cherry it was ranting about immigrants "Coming here and taking his honey and rice" when he was talking about Remembrance Day. For Cornette it is bringing up a joke which wasn't needed, hasn't aged well and overshadowed a main event.
It is a point where society as a whole has changed and sure, maybe you don't agree with it, but you need to be able to read a room and know when it is appropriate and when it isn't.
You can hate AEW, flips, small wrestlers, and comedy wrestling all you want, but racist shit shouldn't have a place in wrestling, or society, these days, period.
