Eh. Jihad isn't a very common name in the Middle East, and even in the Middle East where people are more understanding of the intention of the name, it's a word that is still popularly evocative of something sinister when seeing it out of context like in this case. I'm not from the Middle East, but I have many close friends who are and who still live there, and if they saw someone sign into Call of Duty, Madden, or Fifa with the name "iJihad" then they'd assume it was someone making a really crass, obnoxious joke, not that it would be a person's legitimate name used in an unoffensive way. For people who live in the middle east, the radicalized concept of Jihad is an immediately evocative concept especially when used in the context of online gaming.
As for "crusader" or "template knight," there's about 1000 years of difference between the Crusades and the modern era and it's not relevant. An equivalent analogy could be somebody named "iHitler" where their actual name very well could be Hitler (although, as we know, Hitler has become a very uncommon name as it was already a fairly uncommon spelling in Europe at the time, and many people with the name Hitler changed their names), but for the majority of people who see it world wide, they're going to immediately assume someone is making a crass statement... Not that it is their legitimate name. I'd imagine that Sony would probably ban the name "Hitler" from appearing, and probably other names like it.
Of course, though, I think it's ridiculous that Sony bans his account or takes away any content. Frankly, I think it's crazy that anybody loses purchases for any conduct issues. I Don't think it's unreasonable that the word is on a banned list. I think it's completely crazy, though, that any user can have their content taken away for anything remotely like this... It'd be like if you used your cell phone to make illegal calls, yes, your phone provider can cut off service, but they can't come to your house and take your physical possessions. Or if you're pulled over for speeding, you can have your license revoked, but the police can't take possession of all of your cars, bicycle, skateboards, other modes of transportation... (temporary repossession of a vehicle being different).