But just as many posters seem to feel that using the language of imperialism to describe orcs couldn't possible have any negative consequences in the real world, I just can't imagine that a publisher deciding to stop publishing 37 year old niche content is going to have any kind chilling effect on creativity.
Not to belabor the obvious, but when people here keep saying, "But no one is calling for it to no longer be available," you are, in fact, one of the very few people making that exact demand.
And you have also compared this to other issues such as "orcs" and "chainmail bikinis." Now, as someone who is pretty well-versed in historical D&D, I can assure of the following ...
There is something problematic in almost every ... single ... thing ... published before 1990 ... and probably up to and including now.
Every thing? Maybe not. But whether it's cheesecake art (your "chainmail bikins") or Dragon Magazine articles referring to Africa as "the Darkest Continent," or the "Good Wife" and "Random Harlot" tables in the 1e DMG or the Elmore art that appropriated iconography of Native Americans (American Indians) or the poor phrasing in the Monster Manuals and other books ... or whatever, there's something that someone can complain about.
And seeing as it took a lot of effort to get WoTC to even make their back catalog available, I am not a big fan of people trying to restrict it now. Why?
Because the people like you who want it restricted don't use it at all. So you're right when you keep saying it's no big deal ... to you. Whereas the people like me and others who do use it (either parts of the mechanics for older games, or because we research the history of gaming) will lose out. That's the thing about speech suppression- the people calling for it never use it, so it's no big deal for them, right?
Anyway, I doubt that this particular thing will have that much of a chilling effect; but the discourse certainly does. How many people have we seen mention the whole, "Stay in your lane" in this thread? That you'll be fine if you stay in that lane? That's ... yeah, that's the definition of chilling speech.
Again, I understand what you're saying, but I disagree with you. Not because I like "racist speech," but because I uphold the principle even when it is speech I don't like, simply because I have used it to defend the speech I do like. YMMV.