Maybe I'm under the misunderstanding that "no politics" doesn't also apply to e.g. reporting inappropriate workplace actions to HR.
If you see a homophobic (or racist, or sexist, or inappropriate, etc) offense, you should absolutely report it to your superior and/or HR, and AFAICT Basecamp's changes don't say you shouldn't. It sounds like they're just banning discussions in the open channels with coworkers ("Hey everyone, do you think what Bob did was homophobic?").
Of course, I might be misinformed on 1) whether you're still allowed to report workplace offenses to HR, and/or 2) whether company-wide conversation about your coworkers' potential offenses is actually a positive thing to allow.