Derogatory, yes. Its commonly misused for a lot of things now a days
Well I tried to find a youtube video to post here but I could not find it... Anyways to sum it up, some redneck cop wannabe in his mustang filmed an eclipse on the highway and went next to it and revved his engine to get him to race him, but he didnt race, so then this retard continued to call him a ricer and said something about his racing stickers (which was just an aftermarket decal[like only one on the side, not littered with them])