Its the entire lifestyle aspect. If you're a young dude, whose selling drugs on the corner, you hope for a lot better. You still want the fast money, the nice cars, and the allies, you don't want prison. Its like a kid who wants to be a CEO when he grows up, only this seems more reachable.
Yes, Italians were racist. A lot of anime/kung-fu/samurai movies/shows were/are too, and that had a big influence (whether you believe it or not).
The Italians just represented a lifestyle, the difference is they didn't sell to their community, they didn't normally shyt where they slept, the Black mafiasos/gangsters would sell that shyt right in their hood.