It _may_ be offensive to some, and not to others. "Niggardly" may be offensive to some, and not to others.
We should always be respectful of what might offend folks. But we should also strive to make sure the other folks aren't intellectually handicapped and unable to discern a slander from just a word. If the term has no negative connotation until 40-ish years ago, and all of the negative connotation was fabricated out of thin air? That's at least as notable as the fact that it might offend some. Probably more so.
Our mutual desire to live in a friendly society is always at odds with our mutual desire to know what the hell we're talking about. Each of us has an obligation to, in as kind a manner as possible, educate the other about what they might find truly offensive or not if they were better educated. Otherwise civil discourse is just a contest to see who can be offended the most.
PC is being a weasel and not having the discussion. PC is not trying to kindly point out that there may be another side to things. PC's definition has not changed.