How does that narrative apply to the example we are discussing in this thread - r/wallstreetbets?
All the objectionable language used there is self-applied. The members of that community call themselves gay, autist, etc. Are they trying to persecute themselves, and evading social standards by calling it comedy?
Political correctness is a right-wing term used when they want to call somebody X, but may face social consequences for doing so.
It's not a wealthy western phenomena. It's global and it's as old as the hills.