Their are many things today that seem harmless, nostalgic or just traditional because we do not understand the original context in which they were created.
The song has its origins from the black faced minstrels (copies the tune of working on the railroad and was first performed in a minstrel). It also contains “The Eyes of ......” phrase that was generally attributed to General Lee.
Sung to the tune of "I've Been Working on the Railroad," "The Eyes of Texas" epitomizes much of what it means to be a Longhorn at the University of Texas. The iconic alma mater was first performed at a minstrel show by students in blackface.
abcnews.go.com
One would have to very naive to think that the racial biases of that time were not embedded into the song.
The tradition was only established because that is the song they chose to use not because of what it says. Just because you have been doing something stupid for a long time does mean you should keep doing it. And it is not canceling, it would be correcting something that was never acceptable.