This was pretty much my immediate reaction.
I knew this in beta, but I never knew it actually made it live. It's a funny joke, but the sad reality is that it probably comes from Blizzard not wanting to fiddle with any more languages, since it adds NOTHING to the actual game. I don't mind it, I dislike both Pandas and RPing, so I don't really care about it. And it matters even less since no one uses their racials languages anyways.