I looked that up because I'd never heard of the other spelling. It wasn't in the dictionary. Only the "velocity" spelling is. Are you saying that the band spells it "Velosity"?
All these pretend spellings are going to ruin our collective knowledge. Shortly after "The Santa Clause" came out a few years ago, a customer asked me to type something or her in which she had written "Santa Clause is coming." She didn't know that one is a name and the other is a legal contract, and the movie was using a play on words and was about a legal contract.
I hesitate when I correct someone's spelling because it seems people get more offended about that than any other mistake. I could say, "You wore two different shoes" and they'd be merely embarrassed. I could say, if I knew, "You are using rocket science wrong in your references to it", and someone would say, "Well, I'm dumb anyway." Most of my spelling mistakes are typographical errors, and it seems that others want me to believe that their mistakes are, too, and not worth mentioning, so why did I intrude? Do people not realize that mistakes like that can change meaning and cause problems?
It's not that I mention it a lot, but I notice it. What surprises me is, having been in many classrooms as a substitute teacher, how often the teacher has a sign up with a misspelled word. There is a high school, mind you, that had a sign in the hallway, of all places, and although the word wasn't misspelled, it was the wrong word. Anyone reading the sign would have figured that out. I guess they didn't read. If any sign with a misspelled word was in a high school classroom, I'd sometimes have a game with the students to see who could find a misspelled word on the wall the quickest. That way, I could pretend it was something the regular teacher planned. Maybe someone would mention it to her later.