I remember when I was first introduced to version control - I was told "we're using 'subversion' for XYZ". I thought that meant we were doing something sneaky that I shouldn't talk about.
I have no idea where urbandictionary.com is from, but its page on `git' describes the meanings it's always had for me, and indeed probably most UK (and Australian?) readers:
This is partly why I have, so far, not joined the "Git Hub".
All in all, I think a better name could have been chosen. But, most of the time, I only type it - and it IS certainly nicer to type than `svn', I'll give it that.
Maybe less but still important IMHO is that it's far more pronounceable than e.g. SVN. That could help build the hype.