Definitely not the right move. The old name was perfectly fine and allowed for harmless fun. They can obviously do what they wish, but IMO there's no good reason to destroy good clean fun just because it might upset the occasional person.
The developers of a serious academic tool may not have wanted their image to be "harmless fun," especially of a sort that can reasonably offend people and make it hard to talk about in formal settings. "Let's try [something that sounds like rock]" is going to be an easier sell to your boss than "Let's try [something that sounds like cock]."