I have a feeling (based on photos I saw of it under cover in the artist's studio), that because of the size of the thing, he probably only got a good distanced look at the work in progress from the front, the MLK hands side, and got too close to the details to be able to see the unintended larger effect. The folks who cast the metal panels only saw the parts they worked on, not the final construction, but you would think that someone on the crew that installed it on the final site would have mentioned the long-range appearance of the back of it to *someone*, if not to the artist himself. If it's a case of "not my job" then it was really unfortunate.
Due to its size and cost, I can't see a situation where it is melted down and started over or significantly re-formed, but because so many people are perceiving something sexually explicit in the form, I can see the city making a strong effort to mitigate that aspect, probably by redoing the landscaping around it so that passerby can only really approach it from the front (the MLK hands side); thus hiding the bad angles with trees or raised earth & retaining walls.