Yes, just like the name: Mike. But so what? We have tons of words in English that are spelled just like completely unrelated words, and we never get confused.
Then why not use the word 'mic'? I dont' get confused. This guy sounds confused.
Ask any random person to pronounce the word, "M-I-N-U-T-I-A" and see how they say it. Should we change the spelling to "M-E-N-U-S-H-I-A" just because most people can't say the word properly?
Anyway, the dictionary has 'mic' as an entry as an informal noun for 'microphone'. It also has 'mike' in there, as well as 'miked'.