I'm not sure i'd class it as discrimination as that seems a little strong and seems to have an implication that the Italians are targeted or that the issue is intentional. There are other highly-common names in different languages with words that are less taboo than the one you mention that are also classed as forbidden so it's definitely not a targeted issue.
I would have assumed it was possible for a wildcard where if the 'offensive' word is present in a name then it's still permitted on the proviso it doesn't extend to a different profanity word. However, I expect that there was a concern that people would exploit the loophole and use more offensive names so it was a blanket stop. Hopefully they'll be able to whitelist certain popular names, such as the one you requested, rather than a wildcard that allows all through.
The real-world F1 organization wants this game to be a marketing tool to grow the fanbase...especially children. So, they are going extra-cautious about language even when it's frustrating to some people.
