I've been in a similar situation where that word was one of the most popular negative things you could say to someone and similar to the clip I posted in the comment above at one point it just lost its meaning. I am pretty sure the majority of kids that used it never meant it literally, but that probably depends from situation to situation. I just don't think setting that border is going to do well for the freedom of streamers and viewers, it's bringing along this sense of fakeness and scripted content that will bring down the quality of streamers in general where every one has to carefully consider anything they say.
Again, I'm not singling out that word only, in this day and age there are a lot of very popular words that some can say and some can't that can bring you in a lot of trouble. It just seems weird that some do face the consequences while some don't - this is directed at Twitch who have a big history of being biased of who and why they ban and don't ban.
Let the wisdom of the crowd select who and what they follow based on their own judgement, not the judgement of people with too much power that rely on adrevenue. Can't wait to see how the quality will develop with streamers and content producers that can be more "themselves" rather than have these rules in the back of their head constantly.
Oh yeah, context is absolutely everything... I've got mates that swear constantly and don't mean anything by it and honestly, anything can be highly offensive when said with enough venom.
I think we all modify our behaviour given context... we tend not to swear as much in a corporate office, or around our grandparents or amongst a bunch of kids, and so I thought that's what their angle was, trying to protect the kids/audience you can't see... but if they're being choosy, inconsistent, ad-loving jerks then screw 'em.