No worse than the cartoon it was based on, as Qliveur pointed out. This IS based on an 80's toon, with all the politically incorrect cheez-whiz that implies. Much as I love the action-adventure animation of the 80's, it often had some questionable taste in humor and content. (Anyone ELSE have those infamous Thundercat outtakes?)
From what I understand, Bay gave these two voice actors a character sketch and let them cut loose. When it comes to instutional racism and sexism, we've got bigger targets to attack than two voice actors goofing off.