Speech becomes bad when it infringes on the rights of another group or individual. Where that specific line is drawn does vary, but the underlying principle is the same and one that seemingly everyone agrees with. The US happens to be near the absolute extreme to where this line is drawn.

Whether you think hate speech infringes on the rights of the targeted group is up for debate. People don't have an inherent right to not be offended (which is why I am against the few western countries that still have blasphemy laws). However, hate speech on sites like 8chan does often lead to speech that incites violence. There can be no debate that people have a right to safety. Speech that incites violence infringes on that right.