I don't see why they shouldn't have an option to censor *****. The ***** is maybe the only thing keeping this game from being one of the more visually tame shooters in recent history.
I would not call it the be-all-end-all of arguments to say that it's not a game for children. There are more reasons for the feature to exist, especially for a game that is as easy to access as this. Even Epic took the time to implement the feature for Unreal Tournament and Gears of War (of all the *****y games), choosing to replace the ***** with green goo and sparks respectively.
Their is one small crux though. One of the games legends *****hound has traits that allow them to see where recent events have occurred, including where opponents have been bleeding. Some of the icons/descriptors would also need to be slightly altered in accordance with that.