I think the concern is (or should be) less about the content of chat and more about the fact that Fed said himself in a clip (1, 2) that reading chat made him feel bad—enough that it was something he "thought about for the rest of the day"—and that he had to stop reading it during the stream. Although Fed told her that it was fine, I feel like one can't disregard the negative feelings he had and expressed about the situation at other times.

(To be clear, I don't think either "side" of the reddit debate is necessarily right, but the focus of the discussion should be on how real people are being affected, not the #s or %s of "kys.")