I honestly do not think it is a fanboy term. I find it more of a term of a disappointed ower. I use the term often and I own the console. I should be able to call it whatever I want. Everyone knows Microsoft bleeds their consumers dry with their Microsoft only approach. But I still have an Xbox and will always have one.
And M$ is directed towards the company itself. This is not directed towards the Xbox 360 console. Microsoft as a whole bleeds their consumers.
The Windows OS is a great example of that.