Here is a definition from Perplexity ai:
Some key points about WASPs:
The term emerged in the 1960s to describe the elite upper class of American society that had roots tracing back to the original English Protestant settlers of the 17th century.
WASPs historically held a position of power, wealth, and influence in American society, politics, academia, and culture for several centuries.
The WASP establishment was seen as promoting its own cultural values and traditions derived from Northern European Protestant backgrounds.
Over time, the WASP elite’s influence has declined as American society became more diverse and meritocratic, though remnants of the old establishment persist in certain institutions.
The term can have negative connotations of exclusivity, snobbery, and discrimination against non-WASPs, though it was originally a sociological descriptor.
Hmmm... I don’t recall hearing it as a derogatory term for uppity elitists. Always just the simple literal meaning of the acronym. ...
“had roots tracing back to the original English Protestant settlers of the 17th century.”