I think it's hilarious, too, and no, I have never competed as a bodybuilder. I got interested and lifted a lot of weight at one time. The original AP story ascribed the term to SNL; I just wanted to point out that that wasn't true.
From hanging out at World Gym in Marina del Rey, I have met many old time bodybuilders including Arnold. Check out www.classicbodybuilders.com really amazing photos from the pioneers of the sport.