PC becomes BS .... I suppose this means that we can't refer to GW as a "village idiot" for fear of offending village idiots.
But in answer to your question: I don't think "we" have become too sensitive; however, I do think that there are those in the media, and those who drag their soapboxes into the "media spotlight", are making large bucks by feigning shock at off hand comments of the rich and famous, or the powerful and famous.