I think it's wrong to the same extent that it's "wrong" to use the term "bitch," another gender-based pejorative. Two years ago my best friend (female) and I (gay male) decided to never use the word bitch again. We lasted less than a month. Sometimes cultural forces are just more powerful than good intentions.
But you can be selective and smart about it. "30 Rock" is a hysterical tv show. Okay. "Calm down bitch, you're acting hysterical." Not okay, and not okay.
To someone who understands the origins of the word "hysterical," these three women calling themselves The Hysteries is pretty much the same as if they were calling themselves The Bitches. What offends me, personally, is the degree to which it's just dumb.