For whats its worth I too could care less about the name. When I first read it, I read it as a funky spelling of White Bread, as in Wonder Bread. Not white-bred as in racial. White Bred is a type of British cow too if I am not mistaken, so who cares.
In the dictionary:
Wite: blame; reproach; to censure; also, to impute as blame.
Bred: to propagate
In the dictionary:
Wite: blame; reproach; to censure; also, to impute as blame.
Bred: to propagate