No, it’s a term used in a way… well I will describe what I think of when I hear it:
Wealthy suburban parish
When a priest tries to spend some money on a statue somebody berates him for “not helping the poor” then jumps into her Porsche SUV after Mass and goes to the mall
Suburban Spaceship church that was, nevertheless (or maybe because of that?), really expensive to build (of course)
Notre Dame a la the 2009 Incident
Insipid music or, worse, theologically questionable music
“Progressive” parish
Georgetown University
Being Church
Fear of realism in art
Burlap and felt
Crayon Catholicism
Commonweal magazine
Reminiscence about the 1960s and 70s nonstop
Cafeteria Catholicism
Fear of color (aesthetics)
Sparsity
National Catholic Reporter
Polyester/synthetic fabrics
Velcro
15 minutes of confession once per week
etc.
It’s a derogatory term and I don’t think it should be used in polite conversation, but it’s in my mental dictionary because I find it useful to categorize thoughts and stuff.