ALL insults are hateful and bullying at their core so all you've done here is make the case that all hateful and bullying words should be censored. That you only censor two specific words only speaks to a favouritism of hurt feelings. Why not just ban all hateful words? My thinking essentially is that you might ban other hurtful words, granted there is enough offense on the part of users behind it.
You are correct, but generally they are opinions of a person such as asshole, cunt, fuckwad, dipshit, shit stain...
Being black is not a choice - you just are.
Being gay is not a choice (in my opinion) - you just are.
The words banned attack something about people they can not change by choice, and therefore to me are of no use around here, especially when overused.
Maybe there will be other words in the future? I'm not Censordamus, so I'm not sure. I've seen nothing to add to my radar at this time.