Do you find the term "butter bar" offensive or demeaning?

As a newly minted O-1 I have no problem with the term, but some of my fellow ENS/LTs have been scolded for using it. I never considered the term a pejorative when I was enlisted and I still don't now that I'm on the officer side. I always thought it was sort of a rite of passage that goes along with being a new Officer. Am I missing something? Do you consider the term disrespectful or demeaning?