I think you're missing the point of usage of the masks. They embrace the idea that V stood for, that power is in the hands of the people. Anon, love 'em or hate 'em, is the people (or at least a subset.) The imagery of a populace dressed alike, losing their own individuality in the collective movement as embodiment of the will of the people is a very powerful thing.
I also think you're taking the whole hate machine/racism thing a little too literally. I'm fairly sure the vast majority of it is tongue-in-cheek outlandishness for the sake of outlandishness just to get the reaction you're having. They like to shock for the sake of shocking.
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