Sadly I think it's going to become the word that stands in for the whole ever-expanding LMNOPQ++ umbrella. (We could say it's a synechdoche but I can never remember how to spell or pronounce that word so I won't, hah.)

Then someone will realize hey wait, we picked the one word that was a universal slur (instead of let's say, gay) and the quest for a new term will begin anew, maybe going back to a new alphabet soup when nobody can agree again.

I'm kind of hoping that people get over the idea of identifying as and belonging to and can just start being themselves without needing to call undue attention to it, whatever that is.