That's definitely true, but it would be dishonest if SIAI wasn't up front about its views on the Singularity.
There's enough alternative terminology (intelligence explosion, hard takeoff, etc.) that they could (and often do (e.g. the AI Risk paper)) manage to talk about the Singularity just fine without talking about the "Singularity". I don't think anyone's suggesting that they not be upfront about their actual positions on those issues; some people would just prefer to avoid the "Singularity" terminology now that it's turned into a bloated mutant futurist meme complex. (So really, the name change suggestions are about being less accidentally misleading; they wouldn't have to spend as much time explaining that they aren't Ray Kurzweil. And hey, if they abandon the "artificial intelligence" terminology, maybe they won't have to spend so much time explaining that they aren't building Skynet or Terminators or HAL or the Matrix, either! ..but probably not.)
If you have graphic design experience, check out the on-going logo design competition at 99designs for the Singularity Institute. There are still 6 days left to enter and be eligible to win the $295 prize if your design is selected. Tell your friends with graphic design experience too. There are very few submissions currently.
Note: This is a blind contest. Designers can only see their own entries. All designs will be revealed when the contest ends.
If you're interested at getting a peek at the designs, they will be online after the competition is over. This is standard practice in 99designs contests to prevent designers from contaminating each other and having all the designs drift in a certain direction.