That Urban Dictionary definition entails that "disgust" does imply a moral component or a judgement that something is universally wrong. However, in my experience, it does not. I can easily imagine a little kid, or a grown adult, declaring a given food or smell or sight "disgusting" without having any objection to its existence. (I can, of course, also imagine a news article in which people interviewed describe someone's immoral behavior as disgusting.) The OED Online describes the word mainly as a visceral reaction and only in passing says it may be brought about by a "disagreeable action".

Instead of creating a new word for what "disgust" currently means and making "disgust" mean something else, perhaps we should leave "disgust" as it is and come up with a word for "moral revulsion". Something like "consternation" or "appallment".