Yes its a swear word. Yes, there is a shrinking population where I am (UK) that still can associate it with its original meaning (but that is different in other places too) but you can apply that weak justification to a lot of other words too. 'Cool' literally means 'not warm' but it has also evolved to incorporate other totally different meanings, which can also vary slightly or a lot depending on geographical colloquial use.

You find it offensive because of your local cultural interpretations. I acknowledge that and respect it, hence why I have said things like 'that word' in my subsequent comments to you. What I'm asking you to consider is that, in places away from your local culture, it doesn't carry that meaning and hasn't for some time. The US is not the entire world.