I agree with you actually. Ironically in light of the context its most often used by people with no actual sense of humour and often as a cover for actual bullying behaviour.
Really interesting to read this. As a straight man I don't get offended by it and so put banter but I'm always uneasy about being blasè about in case it's causing someone else grief as I'd want to be a natural ally.
I'm always more struck by how grippingly unfunny and unoriginal most of it is.