I know that. But Christians were the ones to use the term in a snide way to describe the followers of the old religions. As Christianity gained force in the cities, outliers were the last to be converted. It was basically the same as calling someone an uneducated hick or country bumpkin.
I can respect those who have reclaimed the word, but don't really much for it myself. It's also too vague. I prefer the terms that Hellenic polytheists have created for our religion.