In fact, today it doesn't mean anything, because it means whatever the speaker wants it to mean. It's used simply to denigrate whoever the speaker dislikes or disagrees with, without making a rational counter-argument.
Speaking a language != being a member of a race
Preferring a language != being prejudiced against members of a race
"That's racist!" != it being racist
So, a native english speaker proposing all countries drop their languages and adopt english wouldn't be racist to you -- but someone calling that out, would?
> Especially if you happened to be born a native English speaking, and you propose this from that vantage point
This is slightly racist to me.