In proper Spanish, that is all it means-wet-but in the vernacular of the Norteno/Texmex dialect spoken on both sides of the border by people of all ethnicities as our second language, it is “wetback”-as in one who swims the river to get here illegally-it is one of the worst pejoratives in that language-and no, I don’t have a problem with it-my ancestors wandered into W/SW Texas and NM well over 200 years ago to set up ranching-I say mojado all the time...
I suspected the “wet” reference was the Spanish equivalent of “wetback,” which is a pretty offensive term. But if it’s okay with you, it’s okay with me.
But this isn’t one of those things like blacks calling each other ni—er, where it’s okay for them but no one else, is it?