Pretty much, I call this kind of stuff 'racism through proxy'. Like Vince knows a big part of the wrestling fanbase is middle America so he's afraid of losing a lot of money betting on a black champ. Similar to Hunter going over Booker boiling down to Hunter politicking for his own best interest even though the entire narrative of feud with Booker practically demanded Booker to go over. In this business they will always go for what benefits them, not for what is right or fair.
And I'm not saying that there isn't maybe blatant racism at play, but this is the same kind of business narrative that runs the whole entertainment industry. Hollywood too thinks that the majority of the audience (white people) have trouble connecting with black actors, so they don't want to risk it when they can make the same kind of cash going the 'safe' route.
It's not some flat-out "We don't like black people" shyt, but there is clearly a system in place that holds back and devalues black wrestlers.
That's just plain ole up front racism. Given that a PPV with a black boxer in the main event just did 4 million buys, hard to roll with "middle America won't accept a black champion"