It's already been said, but the word itself really has a negative connotation. It's more than the sum of its parts, or its strict definition, but that's mostly because it's jargon in the first place. You might as well argue why being a bastard isn't always a bad thing, since it only means you were born through parents out of wedlock, or why being a female dog can be endearing in the right context. I'm fairly sure most people who use the terms aren't considering the actual definitions of the words.
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