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I mean, that's using an historically derogatory term to exclude a minority group, so isn't really the same.
I know it’s not the same, just seems a strange choice for a group that have historically been excluded to now be using a title which promotes the exclusion of men rather than going for something that focuses on INclusion.
As for whether or not it’s derogatory, I think given the context, it’s fair to assume it wasn’t being used as a term of endearment.
However I am aware that what may or may not be derogatory to straight males is never going to be a popular topic for conversation.
So does “Gears not Queers”, doesn’t mean it should be a thing.