Why is it wrong? If Terry is found guilty I expect the same treatment. Or do you all not think he was racist?
Because its what Uruguayans do.
Probably the most revered figure in the history of Uruguayan football is Obdulio Varela, captain of the side that won the World Cup in 1950. His nickname was "El Negro Jefe" - the black boss.
Among Suarez's team-mates these days is Maxi Pereira, who is known as "El Mono" - the monkey. It is a nickname which, apparently, is given and accepted with no offence meant or taken.
From the BBC, its obviously part of Uruguayan culture, so I don't see why its deemed racist here.

