The moderators of online communities have every right to manage the content of those communities as they see fit, as long as they're within legal bounds.

That said, individuals also have the right to call said moderators a bunch of clueless asshats when they make dumbass decisions, as long as they're abiding by the policies of the space where they're saying it.

Microsoft banning the word "Microslop" from their Discord isn't censorship is well within their legal rights, but they are a bunch of clueless asshats for thinking that it was a good idea.