It's not an insult. It's the widely accepted term for the ideology of the bourgeoisie. They self-describe as liberals. That's been the usage of the term since its coining; USAmericans just decided to only use it to describe more left-leaning liberals rather than all liberals. If it's used as an insult, it's between communists accusing another communist of not being a communist, not because liberalism is inherently a pejorative. Like if a right-winger calls someone a communist as an insult, it's not because communism is a pejorative, it's because it's a non-communist accusing another non-communist of not being not-communist enough.
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