Valve won't be happy about making a weapon official if it's called 'The Drug Dealer'. A lot of the TF2 weapon and hat names are puns or twists on what they really are, The Hustler's Hallmark for example.
Remember what happened with the Medic's Kritzkrieg taunt? They took it away because it seemed like the medic was getting high, and only put it back on because of popular demand. Also if you changed the name slightly you could make it slightly humorous.
I counter you with an effective "so what" and "you're wrong/can't prove your claims"
The medic taunt that was removed was broken. It didn't work, the medic just stood there like a lemon, when they removed it they were removing the files that people were using to fix the taunt. There is nothing to say why they removed it or why they added it back.
You also have no proof that the hustler's hallmark has been given a watered down name, it is highly unlikely that the author was calling it the "pimp hat" since that just doesn't sound good at all.
here is the I don't care part: It's an M rated game and valve are witty enough that if they want to pick my stuff to win then they'll be able to think up a new name if they decide it's too much.
But really.... why would it be, the characters all swear, its FULL of violence, guns, blood, plenty of drug references already.
On an unrelated note: Fuck censorship, it's part of being a parent to keep your kids away from thing that are going to upset them and also part of being a parent to teach your kids that the world is full of nasty things and how to deal with it instead of getting upset about everything.