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Its a followup to their existing Dav1d decoder (av1, av2)
It's just unfortunate. Like there was a pharmaceutical company named "Isis" that changed their name due to the association with the terrorist group. That said, while people will notice for the next couple of months, I don't think it warrants changing a name for.
By this logic nobody should ever name their child Ted or Theodore because Ted Bundy existed.
And who ever heard of this in the majority of the world? It was news to me, I'm white and European btw.
Did you know the US consititues about 4% of humans? When we look at adults and age range that likely ever hear of D4vd we are talking probably considerably less that 1%.
The rest of humanity has no negative association with these four letters.