Yeah as someone that was in the car scene during that era, I can't recall a single time it was used to refer to a person. It was all about the car and its mods - and even then, it was used to describe any car, Asian or other, that was overdone or, often, just not to the taste of the viewer. One time since described my user of a Sony radio as "rice" because they were supposedly not reliable. I never had any issues, but that was their reaction.
I understand why people might consider it racist, and I'm not a fan of the term because of that, and I'd prefer something better. But I do not believe racism was the intent when I saw it used.
"Think? No one has time for that!"