In HBO's Watchmen, which is a sequel to the original comic, we are presented with the old vigilante Hooded Justice, who is revealed to be a black man named Will Reeves who lost his family during the Tulsa massacre.
HBO's Watchmen also warns us of this by having multiple parties, from white supremacists to a would-be benevolent dictator, trying to capture Dr. Manhattan and harness his powers.
Watchmen demonstrates this by juxtaposing its vigilantes with Dr. Manhattan, the only being in that universe who possesses that freedom, who has a literal claim to absolute power.