Okay, this is a bit of an essay, so TL;DR: Black* and White* are not universally mapped to Deny* and Allow* respectively. It's a cultural metaphor, and as such, it's ambiguous and a barrier to anyone not immersed in the culture. So, this should be done.
There are multiple reasons why this change should be implemented:
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Inherent clarity of meaning: As mentioned above by jrschat , Allow/Deny directly describes that action being performed and the purpose of the lists. This would align the description of the lists with their literal purposes.In contrast, "blacklist" and "whitelist" are metaphorical - they say nothing about the purpose of the list, unless you are aware of the cultural/metaphorical meaning of the terms.
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Cultural clarity: While the terms "Whitelist" and "Blacklist" are associated with allow/deny in Western IT culture, this assocation is not as strong (or non-existent) in a) people who are new to IT, b) people who come from cultures where the colors white and black do not map to "good" and "bad" in the same way (e.g, in some Asian cultures, white has a more negative connotation.)
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Disassociation with negative history: the term "blacklist" originated as a list of people considered "unacceptable" by a group. This practice has been used (and more importantly, abused) by "gentlemen's clubs" (to bar individuals of the wrong "class"), businesses (to prevent employees from finding work elsewhere in the field), and others.
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Disssociation with the perception of racism: Even if the connotation of "white" as good and "black" as bad is wholly unrelated to race in the minds of most people, it cannot be denied that there is a parallel pattern of using "white" and "black" to differentiate races of people. This can lead to creation of a relationship in the minds of those who are not already culturally aware of the distinction, and/or those who are sensitive to how "white" and "black" have been used against people in the past.