I would agree with you, except that these look like remnant ads (i.e., no one specifically bid on this keyword, which is common with names).

You see this with Amazon and eBay too - if you search Google for something weird which no one has bid on, you'll often see "Find [bananaphone] on eBay/Amazon". These "people search" results are similar: extremely long-tail, very generic ad.

So, I think its probably algorithmic vs intentional. Could be ML that's learned racism from the internet itself.

Who knows though! Your explanation would certainly make sense. Its a fascinating problem.