I don't think that the EOT is overtly or slightly racist. What some idiots did 100 years ago has no bearing on what the song has come to mean to people who had no idea of minstrel shows. Even if it had a racist meaning (which I don't concede), that meaning has been washed away over the course of a century. I think that complaining about the EOT is carrying things too far. BUT, this is all on the University. They failed for way too long to not address symbols of actual racism on campus. There is no way it should have taken until 2020 to change the name of the RLM Bldg. The civil war statutes should have been removed long before they were. When I was there in the late 80's there were Sambo shirts, Old South parties with people dressed in blackface and Klan outfits, and shirts with confederate glorification. Go look at the 89-90 Cactus and see what the controversy was about with regards to the Round Up Parade.
Leadership failed to address these long festering issues. Not surprised it blew up on them.