Think it must be an age thing, everyone I know straight away knows it as the female parts, not the meaning of a fool. The useage of swear words in commonplace language (everyday usage and on TV before the watershead) has gone up a lot in the past 10 years so maybe its a byproduct of it, and its deemed acceptable now to youth.

Also, just because the BBFC passed its usage in a single instance dosen't make it acceptable in general terminlogy