Branding can be trademarked, don't know about copyright. This is why CentOS, Iceweasel, etc, have different names from the software they've forked.
So while PiMP can be forked, it's possible that the name must changed. It's also possible for a distribution like this to include some pieces of software with licenses preventing their redistribution. GPL affets a whole application when some code covered by the GPL is used within. However GPL applications do not affect other applications distributed alongside them.