Pretty sure we are reaching peak PC. Crying "racism" in order to shut people up has gone from scary to effective to now a joke. Chi-fi is racist? Really? REEEEE!!!
It has nothing to do with being politically correct. Do we use this same slang term to identify audio products manufactured in any European country? How about any of the other Asian countries? Maybe the Chinese can refer to the audio equipment produced in my home state of Texas as Redneck-Fi?