American society's relationship with Native Americans and its use of their culture is a distinct issue. It's akin to why no team in the Bundesliga is named the "Shofars": namely the Soviet and American armies. Instead of getting executed for international war crimes, our perpetrators of genocide got memorialized and their victims got made into mascots.
In a broader sense, racial/ethnic/religious /socioeconomic based humor is now dead...the Trevelers, Celtics, and organizers of the Hillbilly Classic just haven't gotten the memo yet. I say that with a bit of wistful sadness. I have heartily laughed at and made (bad ones) such jokes. But humans being what they are, those types of jokes are always tainted by the inequities of power. And that is corrosive. Someone is always being laughed at in such jokes....not laughed with. You can argue that is a core element of humor (and I would not disagree). I suspect after the first fart joke: https://www.reuters.com/article/us-joke-odd/worlds-oldest-joke-traced-back-to-1900-bc-idUSKUA14785120080801 the second joke was about someone being different.
But, I think, we can evolve to be better. Sammy Davis Jr. had to do a routine every night in Vegas with his "friends" Dean Martin and Frank Sinatra where a chunk of the jokes were about Sammy being black. Most of those jokes were only "funny" because America was racist...and the joke was that Sammy was nevertheless allowed to be on stage with them.
There is, of course, lots of nuanced ambiguity. But mascots, team names, and theme nights, are probably poor places to have fun with that ambiguity.
If the reason the Orioles sign Puig is based solely on return via trade, then it is very risky, for sure. But no one can declare that the unknown is a "poor risk." There were unknowns when we went to the Moon, but that didn't mean that trying to go was "probably (not) a good idea" and "a poor risk." I'm not saying that it is probable that Puig would return value beyond the salary the Orioles pay him. But since we can't guess at the variables, we can't confidently project the risk probabilities. The only variable that we can predict with confidence is that more players will see their seasons come to an end because of Covid-19 this season than last season. And that variable may increase teams' desperation to acquire talent through trades.
Besides whatever possible trade value there may be, there could be other motivations to sign Puig. Engaging the fans with a star may have value. Fans were excited when the Orioles signed Vlad, even though he was over-the-hill by that time. Tony Clark was buzzing last year about the Orioles constructing a lineup in bad faith; maybe they aim to hush him up with this signing and Iglesia's. Or maybe it's just an advertisement to current Cuban players: "Hey, we're the Orioles, if you haven't heard of us. We got Puig. You might like to join our team some day." Might be worth every penny right there.