It’s cute and damned descriptive of a certain stripe of white people who absolutely exist and who predictably will foam at the mouth that any lesser being dares give them a label they did not themselves invent and market test.
I’m with St Zappa on this one: "I’m not black but there’s a whole lotsa times I wish I could say I’m not white…”
Any POC who calles me a wypipo will get back a “Sorry, how can I do better?” from me.