Saying that any random words can be used for a name simply because no one "owns" the word seems like a cop-out to me. I don't own the words Aryan, Negro, Cracker, Gypsy, Eskimo, or Cherokee but I find them to be offensive as names for children. Honestly, I don't see the point of the argument that no one owns words and therefore the words are fine as names. I think it is a weak argument used by people who want to use the names in order that they sound less ignorant for using the so called "names."
Ignorance is not always bliss, especially not for the people who are offended by the terms. Why use something offensive to groups of people when there are hundreds of acceptable names?