That's funny, especially since the callsign was part of the humor of the show.
Funny, I didn't watch this show much but was well aware of it as a kid, maybe it went over my head. And like many things introduced as a kid, I never thought to consider what KRP was supposed to mean. But I did just now, cheers. Meta: I'm still learning new things about the 70s and 80s.
The conceit of the show (pilot episode) was that the station had been a staid and lame radio station (out of Cincinnati) that suddenly came under new ownership (I think?). The staff now get to build a new (and cooler) brand for the station and there are no longer any guardrails.