"Gay bear" is almost exclusively used as an insult on the subreddit, and this week has been one of the primary insults used in reference to the short sellers (everyones #1 enemy on WSB right now). It would still be pejorative even if not used that way, but it's ridiculous to claim that it's not a pejorative when it is explicitly used as an insult.
I don't know what else to say except that you're wrong.
The only insults being hurled at anyone right now are to CNBC and to the hedge funds and their market maker buddies. Possibly the SEC for allowing brazen market manipulation on the part of the above.