We attach meaning to the symbol (in this case the word has it's own symbol) but the symbol itself is not offensive.

For a symbol/word to be offensive, it must trigger something within the individual. The word presses on one of their hurt parts, causing more pain. Typically the individual then gets angry at the person using the word. 

I don't like the dollar & fiat (by decree). I don't like that it's used to enslave billions of people for the benefit of a few. I don't find the word offensive but I find people's love of the system offensive. It is the ignorance of the harm that it causes while they celebrate their trinkets & shiny things. I also know that it's my issue/s being triggered & that my issue is with the game, not the player.