It's fairly idiotic at this stage that this has never been changed. Highly damaging to the products outward appearance.
Damned if you do, damned if you don't.
Naming things is hard, someone should setup a focus group :)
Definitely came after the original BBC being established, and definitely is orders of magnitude less known than the sexual slang variant. So yeah, the Gimp comparison doesn't stand, at all.
I can't think of an acronym example though.
The prudent approach prevailed for a hundred different reasons but online user metrics weren't one of them. Apparently people were not very fond of the British Broadcasting Corporation, especially outside of the angloshpere.