look, imagine if instead of "Faker" he was named "%%%%er" or "Foker", a probably totally fine name in Korean yet inappropriate in the western world. I doubt in the LCS they would be saying "%%%%er" over and over for years straight without asking him for a name change.
Yes, this is a player's name vs a character's name but i'm taking about the environment in which said names/ words are getting used. Different language or not, the language used should be friendly to a degree due to the targeted audience being relatively.
One thing people seem to miss about why the name Neeko is offensive. While an acceptable and technically speaking "%%%% him" is a correct translation, the word is more used as a more uglier and direct offence as in "Rape him" which i don't think anyone is ok with.
Also it's not that Riot is oblivious about meanings in Arabic. Taric is an arabic name and was inspired said the language meaning "the knocker" (confirmed by riot), so i'm surprised they let the name Neeko, which is highly offensive, slip through like that.