Iggy Azalea Macklemore Does Have a Point ... Just Not About Me

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Macklemore's got his panties in a bunch over nothing according to Iggy Azalea, who's finally responding to his perceived jab at her on "White Privilege II."

We just got Iggy at LAX and asked if she agreed with any parts of Macklemore's song, in which he raises all kinds of questions about white artists doing black music.

Shocker? She actually gave Mack some props. Up to a point. As for the accusation she's "taking" from hip-hop -- Iggy says it's okay because everybody's doing it.

That excuse would NOT fly with Mom.