It’s both racist and sexist but the people advocating it’s usage don’t actually care about either issue. I think it’s filed under the general hypocrisy that you cannot be racist against white people.

Using a name meant to paint a picture of a suburban white woman is no different than describing someone as a Jamal, Yousef, Goku, Carlucci, Vladimir, Shenequa, Herschel, or Juan. If a news outlet used any of those names to describe a person in a news story they’d be immediately flagged as racist. And yet we see the term used to describe white woman gracing articles on the front page of even the NY Times.