I think, as Wikipedia says [1], "The term applies to a group believed to control disproportionate social, political, and financial power in the United States. It describes a group whose family wealth, education, status, and elite connections allow them a degree of privilege held by few others. [...] When the term appears in writing, it usually indicates the author's disapproval of the group's excessive power in society."
It seems like a legitimate label here. Our notion of what a "proper" name looks like comes out of that cultural tradition. And as one of our own notes, that notion is often painfully wrong. [2]
[1] https://en.wikipedia.org/wiki/White_Anglo-Saxon_Protestant
[2] http://www.kalzumeus.com/2010/06/17/falsehoods-programmers-b...