Man, I would just use your words as a trigger, Im' not judging your view or yourself, just in case.
"In Conclusion, is the song bad? YES, IT IS VERY OFFENSIVE"
The song comes from a very misguided Football Lore, yes it's true. YET in that Lore, there are no rules or limits regarding xenophobia, racism, digs on genre, sexual orientation, social "level", etc...in that sense it's quite low key, it could have been way worse sadly.
So in the same way few people raises a hand if players/clubs are called cnuts, your wife is a whore, fecking midget, sudaca, paleto, retard, etc etc without involving a race or xenophobic slurr, ALL OF THEM have a "bad origin": The ONE that believes that a certain group, country, social background, genre, sexual orientation or ethnicity belongs to an inferior "place".
The song itself has a racist, xenophobic social component involved in it...and I explain it why down below...
Is the song racist? NO, AT ALL, IT WAS NEVER CREATED WITH THAT PURPOSE
It's true that at a certain degree, it wasn't created for that purpose, for chanting against black fellas, in fact in some way it's a dig against white French people. The idea is to mock the French for not using French players and using their old or current Colonies to snatch players from those areas since very young (or their fathers) and later "use" them for the NT.
A very debateable thing to say, even if it has some traction behind it too.
So at the end of the day the idea that runs under the whole concept, it's that French people CAN't be black, there IS the racial component of the song that black people in France or the world can feel offended by. Therefore there is an underlying racist/xenophobic component under it.
This football LORE should be adress? yes. If it's a song sang by fellow footballers? more. It's Enzo a racist? very much doubt it.
How should be adress the Football Lore? not precisly in a very silly way that it was portraited here in many posts I've read. But I don't have a real answer to that. And I do think also that there are lots of other "groups" included in such lore that should be analyzed and actually try to rethink the whole thing not just by the surface.
JUST AS A SIDE NOTE: Seeing lots of posts regarding how it's the deal down here, I'll give my input. So a final rant about social and ethnical and background in Argentina:
Regarding the silly armchair debate if Argentina it's racist or not, the country has it's racist/xenophobic component as any country in the world but its' not normally focus on black people. Like most cases in the world it's more social related and associate to a certain ethnical background with poor origins and their menace to society than anything, the usual inmigration it's the scapegoat (even the migration from inside, meaning the one from the rural areas to the Metropolis).
In fact as silly as it might sound, people like Enzo, with an amerindian look, are the ones that deal on daily basis with more prejudiced even if nowadays this ethnical background it's by far the more predominant in Argentina. The suppose predominant white Argentina does not exist anymore since time and this sometimes triggers some of the real racist fellas down here, like it happens in the USA or other Eruopean countries when certain countries and their ethnical origin it's not considered desireable or closer to the establishment.
Back to football, the Lore of course would involve chants or mockery against black people, but in a way that it's sadly a default in the whole world, hundreds of years of slavery and the status of black people are still present as an easy target, even if in every day life down here, black people are more prone to be seen as cool, rare and not a menace to "the society".
On the other hand inmigrant people from neigbour countries, more if they have some amerindian look and people from inside the country with an amerindian background are normally more stigmatized.
To the extremely silly point that you can easily see fans from rivals clubs with such ethnical origin giving shyte to each other with chants regarding that "brown" origin...pretty fecking stupid, but also an example of how societies divdide people that belong to people that do not belong. Sad to say the least.
Historically there are two reasons why black people aren't normally bad treated, mostly there are more scarce, (as a side note some of them have been Independence War Heroes, yet let's not dig too much why many black people have been involved In many Independence wars in the world), but mostly because they were never view as the scapegoat of financial problems, delicuency or a certain menacing religion carriers, etc due to massive inmigration.
Finally even if there still exist prejudiced towards an amerindian look that I've mentioned above and it's the main racial/xenophobic issue. The society itself it's quite diverse, the Spanniards since day one and the main Religion: Catholicism didn't went against mixed race relantionships, nor mixed religion marriages and a large etc.
There isn't a puritan Religious vein in the Country, even if the inmigration from Europe also involved lots of French, German, Russian, Polish, Croat, and even Anglo people...once here those type of prejudices were sort of diluted.
It become such a melting pot, of so many people escaping tragedy, even lately there are lots of Russians and Ukranians arriving and also quite a lot of people from many Africans countries trying to reset their lifes, that mostly people just get along. Laso from Asian counties like Korea and China mostly.
This melting pot enviroment made people call Armenians a "Turco (a Turkish, yeap you've heard it), an Italian from the North can be called a "Tano" (related to be from Naple), every single Spanniard is a "Gallego", a jewish origin person is a "Ruso (Russian)", a blond fella was a "Polaco (Polish, no matter if he was Spanniard, Italian, German, English or whatever)" and "Negrito or Negro (black or blacky)" its a term of endearment, no matter if you are brown, black, white or whatever.
So it is what it is, there are mostly xenophobic waves, deep worldwide racial issues, but mostly quite a melting pot without major issues regarding Religions and race, like Apartheid or Segregattion by Law and such.
Sorry for the long post, just a very on the fly and superficial view on the subject.