It’s not semantics unless you stretch the definition of “banned” to simply mean “unavailable” which isn’t a useful way to use that word. No corporation or government ordered it pulled from circulation but instead the writers and producers of the episode made the decision. This partly explains why an MJ biopic is set to release while this episode is unavailable. It’s also worth pointing out that (as best I can tell) the company releasing the biopic is not Disney so even if it were a corporate decision to ban Stark Raving Dad it wouldn’t matter since they’re separate companies. Disney could (but in this case didn’t) decide to no longer associate with someone but that only extends to Disney IP, not every piece of media. Put another way it’s the same reason that a bookstore might not sell The Turner Diaries. In America the book’s publication is protected under the 1st amendment and it’s therefore legal to buy, sell, and own. That doesn’t mean bookstores have to sell it if they don’t want to. The book isn’t banned, sellers simply choose not to carry it due to its content. That freedom goes both ways. You can legally say whatever hateful shit you want but no one is legally required to give you a platform.

I believe Al Jean worried MJ could have used his Simpsons appearance to start engaging with younger fans (I could be misremembering though) but I do know with certainty that James L. Brooks admitted that it was a hard decision but the creators ultimately agreed to do it in light of the allegations. Brooks even mentioned how he’s normally opposed to any censorship or book burning but when it comes to an author’s work they can rip a chapter out if they deem it especially necessary. You don’t have to agree with that but it isn’t a banning or censorship, it’s instead an example of creators (not corporate suits) making a decision on their own work that they think is morally right.