It would have just as much right to exist, however, for the people who do enjoy that kind of thing. And if it specifically served to satirize racism, I'd even go so far as to say it has easily defensible artistic merit!
The thing about artistic expression is that it has to be all-inclusive, or else there's a problem. If someone ever holds off on including part of his/her vision in an artistic work solely because it might offend someone else, then that artistic vision has been compromised, and that is absolutely the biggest crime of all.
There is no such thing as political correctness when it comes to art. Or rather, in my personal opinion, there SHOULD be no such thing. Anything and everything should be fair game, and creating controversy out of an artistic work due to the offensive nature of its content can ultimately serve only to oppress artistic expression.
-Tom