There are two points to being politically correct:
1) To make it harder to be the butt of a joke. (A joke may be funny when using the word "bald" but the punchline just doesn't work when using "follically challenged").
2) To respect the people you are speaking with or speaking of.
On issue #1, yes being politically correct is way overdone and needs to be scaled back. For example, it is so rediculous to call blacks who were born and live Europe "African Americans". They are neither African nor American, possibly having never stepped foot in either of those locations. We really need to go back to calling them black. Luckilly, many people are reverting back on this issue.
On issue #2, no one in their right mind should want to scale that back. Political correctness, when done right is not a fad and should not end. Political correctness if done right should be highly encouraged.
However, political correctness when factually inaccurate or overdone, needs to end.