Bruce Bartlett thinks it has to do with race:
Republicans really hate it when Democrats accuse them of racism simply because they oppose liberal policies for reasons that have nothing to do with race. And in their hearts they truly believe that cutting back government spending and regulation will do more to help African Americans than a continuation of liberal policies such as the minimum wage that actually harm blacks under the guise of helping them.
… [Cain] is the first black Republican in memory to really connect with the way white Republicans think about race. Cain is living proof that the GOP is open to blacks and that Republican policies will benefit them. And with our first African American president in the White House, many Republicans crave an opportunity to finally have a real debate on which party’s policies are better for racial minorities. The thought of a presidential debate between Cain and Barack Obama excites many Republicans to the point of ecstasy.