This morning’s Mother Goose and Grimm turns on a simple, silly ambiguity, but then the story gets more complicated:
First pass: hooters (1) ‘creatures that hoot, i.e., owls’ (straightforward derivational morphology, but specialized semantically) vs. Hooters, the restaurant chain fixated on hooters (2) N. Amer. vulgar slang for ‘a woman’s breasts’ (NOAD2).
Then there’s another sense, on which a Bizarro cartoon (posted here as #3 on 5/2/14) turns: hooters (3) informal ‘noses, esp. big noses’ vs. Hooters.
And at least one other important sense: hooter (4) esp. Brit. ‘an automobile horn’ — that is, a thing that hoots (more straightforward derivational morphology).
But what about senses (3) and (2)?