I said that during gym class when this came out. I either got in huge trouble or one of my best friends at the time started crying. Might be corny, but it got under someone's skin lol.
A bit of the old ultraviolence...
Mostly, it was racist. It was a nice touch, actually, showing that even the righteous Torrance wasn't above using racist mockeries while exchanging blows with other teams.
shareI actually don't remember if the other team was primarily of a different race, though to my imperfect recollection the rivals in that scene were another predominantly white school. Which means it wasn't really racist.
It was elitist / classist, though ... which is related, if not the same thing.
At one time (and perhaps still) students at Ivy League (or other high-status) colleges would do similar cheers when losing to less elite schools.