Any game that features combatants from around the world tends to play up the differences between cultures. The Mexican dude will probably have a luchador mask and love maracas, the Aussie wears a boomerang for a belt, stuff like that. It's understandable to a certain degree, but GamesRadar have to admit, Punch-Out!!, as a series, has a lot more (good natured) fun with stereotypes than any other game they can think of.
They say laughter is the best medicine, so what better way is there to sooth racial tensions than with friendly jabs at everyone's equal expense?