It is strange that the title words it as "Gimp" when GIMP has always been "GIMP", which has a very specific meaning(it stands for GNU Image Manipulation Program) that has nothing to do with the word "gimp".
I've used GIMP since I was in middle school and I have never ever known that it was a homophone for the more offensive term. I grew up in California and also never heard anyone use this term as an insult to anyone. Do non-American/English speaking GIMP users not have a say in this? Why do they have to have their GIMP become something else just because it happens to sound like a bad word in some other language?
It'll be a huge shame if they go through with this, but even if it does, I will always refer to their work as GIMP, the GNU Image Manipulation Program.