My first feeling was that it was either done because he pissed Vince off or it was Cosby-level bad. Firing him from the show and scrubbing him from the website before putting out a statement (which they eventually did, that read rather rote) really felt to me more spiteful than panicked.
What he said was pretty bad, but I and a lot of other people seem to look at it for what it is. Something said in private, as opposed to taking that position before any kind of public. Warrior did exactly that and he was primed to be a spokesperson for the company just before he died, btw. And the company is rightly getting knocked for doing this (as well as their obvious racial stereotypes, past and present) in such a swift manner not befitting the toll of the man's own blood, sweat and tears shed for their profit.
His apology to People seemed pretty sincere to me, no backtracking away or "sorry if you were offended". I believe he'll be able to find a way to redeem himself again, just not soon. And whether it's with the WWE is certainly up in the air right now, but if they have any modicum of respect for what has been done for them they'll welcome him back eventually.