It's a purely geographical/geological reference that pays tribute to the confluence of the Red and Red Lake Rivers, honoring the proud heritage, strength and determination of those who periodically battle the raging rivers, triumphing against monumental adversity in their ongoing struggle to survive in an inhospitable region.
You forgot some other important groups: Cold warriors, McCarthyites, John Birchers, communist haters, fascists and other right-wing extremists.
But that's the beauty of my proposed name. Practically everyone who chooses to can find a reason to be offended by it. Rather than adopt a name that offends no one, my solution is for UND to use a name that offends everyone.
Obviously, there's a perfectly reasonable and rational explanation behind the Raging Reds. If some choose to be offended by it, that's their problem.
PS: I know you're joking. So am I.