Now that's a theory I've not heard before: you could well be right.
However, the Wikipedia article on the word in question says that it's not attested in English before 1230 (though it has cognates in Old Norse -- which contributed a lot of vocabulary to English, via the Danelaw settlers -- and in other early Germanic languages), and that as late as Chaucer it was not considered obscene (though by Shakespeare's time it was).
But I suppose it wouldn't have to be obscene to cause problems: puerile humour appears to be part of the human condition, and we can imagine the sniggering today if a conquering foreign power tried to impose a governing class with titles that sounded like "buttock" or "scrotum".
[Edits: improve phrasing; fix spelling & random capitals.]