I'm probably gonna watch it because it's interesting to see what they made of it, I'm gonna pirate it and seed it far and wide tho lol
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Whether or not you should consume HP Lovecraft media despite the fact he was a racist is entirely up to you because he is long dead. He doesn't make any money. He isn't even racist any more. Because he's dead.
I always say "If you're going to be a shitshow of a human being but a talented artist, the least you can do is also be dead."
See also: Phil Spector, Pablo Picasso.
There's also something to say about someone that was a racist in his mind, but made some effort to move in a better direction and/or live in isolation, versus someone that's actively moving toward ruining other people lives with the benefits they reap.
There is a novel called "The Art of Monsters" that came out in the wake of Harvey Weinstein (not that he's an artist). It's a good read.
I'm sure some is profiting from his estate, no?
Is his estate run by raging racists?
Well his estate is pretty loose about enforcing copyright and don't take in much per product. That's why you see so much merch. Secondly they are not some racist dipshit.
Plus, it was a shared mythos. He created the main core of it, but others contributed as well. So, figuring out copyrights would be difficult, since some stories reference other stories. Remember, they thought they were just writing some horror stories, but that they would never be something anyone other than other horror story enthusiasts would see.
IP was not a thing yet, and they were just writing for fun. A modern version would be the shared SCP universe.
The online portion of the community that is complaining about all this may be valid, but it's still a small portion of the actual public. Regardless of all the negative press, if this show is good, it's going to be a commercial hit.