If it was a an elf, knight or some sort of fantasy warrior sure with a comedic prompt sure, That is not the case. If you translate the prompt as people have here, you can see what was typed in,'Subdued white man' under 'muscular horse'. Who is the mare in the picture or even the gelding. If I was to do the visual gag it would be a knight or a a warrior not a peasant, there a no peasants in lord of the rings and very few medieval fantasy has peasant of any kind.

Racial/cultural tension is part of the context in which this image is appearing. Not only because of historical tensions, but because this image appears as part of this generation's Manhattan Project style arms race toward AGI and global dominance. Your denial of that is a reflection of your own ignorance.