The term, which is Spanish for ladybug, was adopted as a slur for gay people centuries after the original meaning was established. Perhaps some would argue that the F word in question was also so appropriated, though many disagree as to how that word came to be a slur. As language evolves, different words can take on different degrees of power and hatefulness and as a society, we may choose to decide they have been sullied enough to stop using them. The word for ladybug in the form you link has not crossed that line yet, but some of its derivatives have. I am sure I need not list the hundreds of English words that can and are used in a hurtful way that remain viable in their original meaning.