For what it's worth, I found most people using it derogatorily have postmodernism and/or CRT beliefs in mind.
Again, for what it's worth, I have found most people using it ("woke") derogatorily have as little idea what it means as they do postmodernism or CRT.
Which means that they are either using phrases that they don't understand as a catch-all term to cover their fear and hatred of inclusivity, or they are unthinkingly parroting phrases and should probably reflect on why they find them so objectionable.
If you think, for example, "CRT" (which is a conventional term in law schools that has become the bogey man du jour because it's been pushed by a single individual who thought that "political correctness" wasn't scary enough to flame culture wars) is something more objectionable than bigotry, hatred, and discrimination, that's probably something worthy of a little self-interrogation.
More importantly, I think it's important to bring this back into the context of the OP. The great thing about TTRPGs when I was growing up is that it was inclusive for many people that were considered outcasts at the time
. Sure, "geek culture" is the new hotness now, but it wasn't that way when D&D started. TTRPGs were a welcoming place for people that didn't fit in elsewhere. That it wasn't always welcoming to some (women, POC, LGBTQA+, etc.) doesn't mean that when we think fondly back on the good aspects of older games, we carry with it the baggage of that exclusion.
In short, we should celebrate the legacy of this hobby by continuing to making it as inclusive as possible for as many people as possible.