I'm from the school of thought that is progressively dying out - that any and all chanting should be allowed at the game as long as it stays within the confine of the game alone.
However I appreciate that this is a minority view and Man City as well as most of the City fans want to put certain limits on extremely distasteful chanting such as racism, homophobia, Munich chanting, etc. Whilst this doesn't fall under any of those categories people DO obviously find it distasteful or distressing so a simpler solution would be for others to have a bit of empathy and dedicate their time to singing something else. Not sure why people would want to sing something that one of our key players and a large portion of our fans might find offensive or annoying, we're supposed to be on the same team.
This feels like a bushfire to me. It will get lots of newspaper reports and traction on social media then might be sung by some of our more "I'm such a fucking rebel" fans for a game or two then die out. Cannot envision a scenario where much of the ground would get behind this as a song.