Allahu Akbar is used by every Muslim every single day. Every Muslim prayer is started with the worlds "allahu Akbar". It's an exclamation, not a battle cry like deus volt. Jihadists believe they will become "shuhada" or martyrs if they declare something like allahu Akbar before they die. To them, a martyr is granted automatic entrance to the highest levels of heaven. It's where the misconception comes from.
Tl;dr: over 1.6 billion people use allahu Akbar as an official phrase in Islam, so you can't deem it socially acceptable or not, cause they won't care.