The term is in fact, commonly, but not always used in a pejorative manner. From Wikipedia:
"In the 21st century, WASP is often applied as a derogatory label to those with social privilege who are perceived to be snobbish and exclusive, such as being members of restrictive private social clubs.[63] A number of popular jokes ridicule those thought to fit the stereotype.[84]"
"In the 21st century, WASP is often applied as a derogatory label to those with social privilege who are perceived to be snobbish and exclusive, such as being members of restrictive private social clubs.[63] A number of popular jokes ridicule those thought to fit the stereotype.[84]"