Precisely. The speaker might happen to be "a bro" in the derogatory sense of the word (especially given involvement in an activity that may have a significant population of those people), but that's fairly distinct from simply calling someone "bro" as used in this quote. But I do say "fairly" because bros (in the derogatory sense) probably also call each other "bro" (in the sense that someone is close like a brother) at a rate that exceeds baseline.