I think many of the people who push this aren't overtly racist, but there is no question that the source of all of this, Madame Blavatsky, was just a racist.
I like to remind people that the heaviest stones for the pyramids were about 400 tons while a few thousand years later in Lebanon the largest stones for the temple complex in Baalbek are about 1250 tons.
I don't that's because of racism... The racism is that many people think Egyptians were white... Search for it online and you'll find many depictions where they at most have a light tan.