Neither. In the early days of black ragtime, entertainers would stick shouts into the middle of their songs, and the audience would often shout back. These were called "coon shouts"...a label that was invented by the blacks themselves. After a while, black musical shows started becoming known as coon shows because that kind of shouting was a mainstay. Eventually, black shows in general...whether musical or stand-up, became known as coon shows as its use spread.
It's not used much anymore, but it's not a racist term. It just means that it's a show with black entertainers, marketed to a black audience, that employes crude or basic humor to entertain. Pryor's shows certainly fit that bill.
I think it's avoided by most people nowadays because it is so close to the old racist insult of calling blacks "coons". Like the ni***r word, it's pretty much only used by blacks when referring to themselves anymore.
Thanks for the clarification.