It's derogatory towards people who a) assume a demographic can't defend themselves, thus contradicting their supposed respect for said demographic or b) are vocal about an issue because they want to appear compassionate and be applauded for their concern, rather than actually caring about the issue in question.
This is especially ironic in the case of men who speak out against the sexual objectification of women because they think it'll get them laid.
There are white knights who are just nice people, but they're rare.
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