(We’re not going to show any more of the page: trust us, it’s really horrible.)
Well, they do. Their community standards state:
we do not permit individuals or groups to attack others based on their race, ethnicity, national origin, religion, sex, gender, sexual orientation, disability or medical condition.
We reviewed the page you reported for containing hate speech or symbols and found it doesn’t violate our Community Standards.
Well, when you file a report the response comes back almost instantly, so is presumably automated. However horrible the content on Proud To Be A Racist is, it isn’t triggering whatever Facebook’s Racism Robot looks for.