I have no idea how they are costing Racial magic abilities.
Buying a 1/Day ability costs 1 per spell level.
To buy gnome magic as it stands would cost like 4 points. 4 spells plus a Caster level bonus to Illusion.
So Gnomes get a 4 or 5 RP ability for 1 point.
Whats more Racial magic options for races that get them seem to count as one magic purchase. However, for a custom race each purchase counts as a purchase from the magic section.
And don't get me started on Drow Noble or Svirfneblin
Spells in Gnome Magic are not Game breaking, at 3RP 1 first level spell 3/day is a more powerful choice.
A stone elemental race with Stonefist 3/day should pay more than the Gnome with Gnome Magic.