I have a signed copy of Anarchy Evolution, and I could have sworn Greg Graffin said the exact opposite of that in his book. (That the whole purpose of the name/symbol WAS to piss people off).

Edit: I have the book out now, and I'm looking for where he said it.

Edit 2: Page 15 of Anarchy Evolution by Greg Graffin: "We then faced a common problem for new bands -- what to call ourselves. Many people ask us about the name of our band, which we eventually chose after many brainstorming sessions. First of all, you have to remember that we were fifteen-year-old punks -- we wanted to piss people off. Anything that might make parents, teachers, and people with authority bristle was up for discussion. We also wanted a name that would suggest a great logo for stickers and T-shirts. Many of the names were compelling but too repulsive. Smegma, Vaginal Discharge, and Head Cheese might make for great logos but were quickly rejected as not representative of our songs. We played around with a lot of names involving the word "bad" -- Bad Family Planning, Bad Politics. When we hit on Bad Religion, it seemed perfect."