I have to 'log in' as 'not opposed' to the dress code. I also do not thing the bling-bling, do-rag, etc is racist.
Granted these are things more typically worn by African American players. Notably, those things are NOT synonymous with 'black'.
The African immigrant players don't seem to typically wear the attire.
So it is NOT 'a black thing'.
You may be right that next it will 'fro's' and 'twists'.
You might extend it to gold teeth, and earrings.
I don't think items of dress is the point where we should holler 'foul'.
There was a time when the African American entered the dressing room before the game, and left the dressing room after the game 'choke four-high' well groomed, and 'looking goood'.
Clearly, times have changed, and are 'seen' as going 'downhill.'
Playing basketball is a J-o-b.
The employer has a right to 'draw the line.'
It IS his ball.
The employee has the right to quit.