They're not caricatures. They're homages. (See: El Fuerte)
No they're caricatures.
Homage is paying respect. Caricatures are exaggerations for comedic effect.
Dhalsim is in no way paying respect to Indian culture. He's a caricature of it. Yoga comes from India and people who do yoga are really flexible so our Indian fighter should be able to throw his limbs across screen because he does Yoga.
Same with T.Hawk, same with Fuerte same with even Zangief
I wouldn't label it racist or malicious. but I mean let's call it what it is.
How would you compare SF's cultural caricatures to how say, Tekken does world warriors? Or Juri Han, who was strictly a product of 2009 design sensibilities?
I don't know much about tekken so I don't really have an opinion. Tekken from a glance though always seemed more about the fighting styles than characters though.
Juri I see as an example that the whole simpler is better line of thinking for why anime games aren't popular is bullshit. She's the most popular newcomer by far and is now one of the most popular characters in the franchise.
and like you said she is modern anime as fuuuuuuuuuuuck. Anime games aren't unpopular because they're anime, Street Fighter is popular because it's fucking Street Fighter. It has 30 years of brand recognition and it's the game that the oldest and most experienced players grew up with. New franchises just can't compete with that.