I don't think McHale meant it in any racist way. It's just colloquial slang term that was popular in his era. "What's up boy!" We used that a lot back in the late 80s and early 90s.
Or like "Good pass boy". But yea non-issue. Jsmoove looked really proud after the exchange, it was heartwarming.
Funny thing, i think something flew into my eyes right after that. He was like the prodigal son or something. Someone who just needed to be nurtured.