Eh, I think you're being far too kind. 76 isn't so old that he's (necessarily) lost his faculties or doesn't know better, especially these days. And yeah, geography is important: in the U.S. the term oriental is a very clear, very definite no-no these days; my memory of growing up in the U.K. is that it's hardly PC there, but not quite as harsh.
Maybe he is completely oblivious to that fact, but maybe he chooses to ignore that fact because it was ok to say it in his day? I don't know, but I think it's fair to hold him responsible for his language.
Edit to add: I tried watching Iron Fist (the Bru/Fraction run is one of my favorite comics of all time), but like @steveuk I just gave up. Of all the issues the show has, I think the biggest is Finn Jones -- he doesn't seem to have any charm or charisma imo. As someone said, maybe he'll fit in better in an ensemble show like Defenders, but he was the wrong choice to carry a whole series.