I've heard it since I was in the Navy, and that was 1970. So I looked it up and sure enough, it's that old.
Acronyms are considered acceptable because they don't directly refer to the words involved. If you know them then you know them. Even asterisks don't tell anything when that's all there is, unless the meaning is obvious from the context. The biggest problem is when only one letter is changed and the word intended is unquestionable. It's no different than using spaces to get around it. There are rules against graphic pictures. All one needs to do is read them.
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“Never do anything you can't take back.”
—Rocky Russo
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