I've mostly seen it thrown around at those who seem to want to be in as "special" a category as possible, even to the point of being contradictory. Yes, it is often tossed at the LGBT... choose whatever additional letters/symbols/numbers you wish to add... types, but typically not for the actual first 4 of those letters. Instead it seems to typically go after the other stuff, who also tend to add numerous other descriptors beyond that, and there is the stink that these people aren't anything they say they are, they are instead just reverse bandwagon jumpers. These are the types who do X until it becomes "cool" then they suddenly are against X. I guess the going theory is they want to feel 'special' by being rare or unusual.
That said, like all the new popular insult names, it gets thrown around very inappropriately and is ultimately pointless as it is just that, an insult and nothing more.
That said, like all the new popular insult names, it gets thrown around very inappropriately and is ultimately pointless as it is just that, an insult and nothing more.