Wasn't he racist? MM called him a racist for killing MM's family. Being a racist makes him just as much as a villain as Stormfront.
If that is true, they didn't do a good enough job of conveying this in the show(even in prior seasons), especially with current day/post time skip Soldier Boy. They portrayed 70s/80s him only as an asshole and a wannabe war hero.
We can go down the list and be sure:
-He was essentially on a The Boys' version of Soul Train.
-He didn't think Black Noir was as funny as Eddie Murphy.
-He called Bill Cosby 'America's Dad'.
-He worked under Stan Edgar.
-He still considered the middle east full of wonderful people and allies.
-He didn't care either way about MM and didn't even know about the fact that he killed his family. To him it was just superhero business as usual and another number on a large list of kills.
If someone wants to consider him a closet racist okay maybe I guess, but the evidence didn't point towards it. Instead Soldier Boy is the type of guy who would call asian people 'oriental' and not care about it being insensitive to them because he's technically an old man stuck in his ways. Compare the way he spoke and acted to Blue Hawk, Stormfront, and Homelander(who's actions and opinions came dangerously close to Stormfront's this season) and he isn't even near their radar. I'd consider current age Soldier Boy a gray area character(neither hero, nor villain) who had a kill list/revenge list. He's around the range of Punisher/Deadpool/Red Hood for me.