Flailing at the Wind

Sure Eve Online has sexism, racism, anti-semitism, and many other things that end with -ism but I'd be surprised if you could find a MMO out there which didn't.

It's a reflection of the online culture and our times, people have frustrations and the anonimity (often an illusion of) they feel lets them express themselves in ways that many other find offensive.

Is this behaviour correct?

Hell no, but good luck stopping it.

Ban it from the forums. They'll use unofficial forums making your own a ghost town.

Ban certain terms "in game".  Then work around words will be used, assuming you don't drown in false positives.

Police voice chat?  Yeah good luck with that.

Essentially the only useful thing to do is don't hang around with arseholes, or better yet shoot them in the face.

In game of course.