In the change list it mentions that we can change the pickup interact text for when you are going to pick up the object. This text in game is still always "Equip".

Build 835

https://docs.vrchat.com/v2019.3.1/docs/latest-release

"VRC_Pickup now has text fields for Interaction text and Use text. Interaction text appears when you hover over the pickup, and Use text appears when an Equippable object is equipped/grabbed"