What does HackerNews think of renaming?
Guidance for changing the default branch name for GitHub repositories
Articles like this clarify that at least some black people in fact do not feel "hurt by" this use of this term.
I'm Jewish, if someone said "we have to take all the swastika imagery off this Hindu graphic because it will offend and hurt Jews," that would bother me. I'm not offended, much less hurt, by seeing a swastika in a cultural context unconnected to Naziism. To suggest most Jews would be "hurt" by this paints an inaccurate and extremely unflattering picture of my own resiliency and ability to contextualize words and imagery. I can't speak for black folks but I would be surprised if some didn't feel similarly about being informed that reading the word "master" would or should offend and hurt them.
0: https://sfconservancy.org/news/2020/jun/23/gitbranchname/ (this is the rationale linked to by github[1])
It's easy to change and it's nice that old branch histories will do directs to new branch.
The Santa Hat change most likely also made it so much easier to move forward with the renaming of the master branch on GitHub. One could also argue that the master branch name should have been changed back in 2014 in connection with the Ferguson unrest and the killing of Michael Brown.
(Source: https://github.com/github/renaming)