Isn’t a codename supposed to bear no relation to and give no indication of its real meaning? There is no association that is supposed to be made. Getting offended by its use here is akin to being offended by a random two-word key combination on one of those CDs that AOL used to send out.
And there were some of those two-word combos that were pretty darn funny, or could be taken with multiple meanings that would raise eyebrows.