I don't think it's racism. I reject the premise that because we play ourselves up and them as under us that it's racism. We do that with everyone. Canadians and Australians are beneath Americans. We "know" this in our heart of hearts.
Somehow when it's people with a different skin shade these accusations of racism come up. Racism is a red herring. 99% of the time it turns out to be the case that racism is a lazy explanation for something more complicated or uncomfortable to explain.