It is no less objectionable just because it exists elsewhere, although I would have thought football was in a better position to challenge sponsors than cycling is, and it was probably harder for the UCI to say no once that PSG shirt had been allowed. However, commentators are not expected to constantly recite the sponsorship names on shirts, nor are event organisers and reports committed to constantly repeating them.
This is the slippery slope that started with Israel Start Up Nation: unless they are actually believed to be promoting the book of that title, this is a slogan, not a product or an entity.
What next: Jumbo Top Value Local Supermarket-Visma? Sunweb:The Price Always Includes Ski Passes? Ag2R Citroen Surprisingly Reliable Even Though They Try Too Hard To Look Different Cars?
Commentators/organisers/journalists might be obliged to name products and organisations: they should not be expected to recite reviews or opinions or slogans about them.