Not sure I follow your interpretation of the wikipedia article. The history it provides is very short and just ends at “dunk the n-word” being protested.

I personally could go either way with this. Maybe the name is now rendered innocuous by repeated usage in non-racist contexts but I also don’t think it is worthwhile to rehabilitate traditions that have extremely racist roots. If someone wants to do a better analysis they would have to look at how dunk tanks are put into practice IRL. Maybe there is still a vestige of oppression that remains because of which unprivileged persons are dunked. Or maybe not.

It is also only one part of the reason. They probably want to change the site culture as well but that is for the admins and the users to sort out.