I think you may be a bit off base.  This is late night TV, not prime time.  The idea of bad language offending against community standards should be viewed, IMO, in the context of the community in question.  I'd put it to you that the community of late night watchers of Colbert were, broadly speaking, in violent agreement with what he had to say, not because his remark was homophobic (which i don't think it was), but because ....mmmmmm... do I really have to spell out what most non-white-supremacist-angry-middle aged-white men think of the Donald?