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i think they mean talking about in the context of privilege

It's a key component of incel discourse, in my experience.

What brings you to the incel discourse?

Individuals on HN, and other internet communities, have brought it to me. I was also briefly exposed to it in uni.

because unlike most privilege feedback loops, people who are beautiful now tend to become less beautiful, rather than more, over time?

This feels like an absolutely crucial distinction, across decades there is no positive feedback strong enough to keep individual beauty going up.