Simon:
I tend to agree with you on some of what you're saying, but the US broke treaty after treaty with the Native Americans.
And also, the "bought and paid for" comment regarding their land is technically correct, but in reality morally bankrupt. They were definitely taken advantage of. "Here's some beads and shit, give us your land." Yeah, they made the transaction, but it wasn't exactly an equitable exchange of value, even though the Native Americans didn't think so.
You are correct, though, that the "noble savage" meme was extremely racist and patronizing.
Regarding culture, we tend to forget that the stereotypical native American popularized by US media wasn't the only type of Native American. The Maya, Aztecs and Inca all had relatively advanced cultures. They viewed violence and human life differently than western culture, true, but they were advancing in other ways also.
Anthropologists agree that the lack of domesticated beasts of burden in the Americas (equines) likely contributed to their slow growth on the tech tree, to borrow a gaming phrase.
There is speculation that if Columbus had been just 150-200 years late, the Native populations of Mexico and Central America may have rivaled the European forces in strength.
All of that is conjecture in hindsight, of course.
Anyhow, in the US, Native Americans get lots of government benefits, so I don't think they are due any reparations...they're already receiving them in a way...but that doesn't necessarily mean it's a good thing.