Racism may play a part, but it has way more to do with a legitimate concern: the Chinese government's eagerness to exercise control over our cultural output. If it were Russia, the response would be the same.
If the Chinese government wants to censor media in their own country, fine. Obviously I don't support it on a personal level, but they can run their country how they see fit. But when a foreign entity tries to steer our artistic output, alter our films (e.g. Once Upon a Time in Hollywood), or just remove some of our silly videos on a social video platform, it's absolutely reprehensible.