->-bleeped-<- means different things in different situations.
In the gay male drag culture, it's a term of endearment, hence why RuPaul and several of his contestants see nothing wrong with the term.
However, in wider culture, the term ->-bleeped-<- often is associated with prostitution, perversion, and is frequently used as an insult against transwomen when they are being attacked. Even those murdered may have heard it as the last word they heard, based on admissions from from various transwomen murderers over the years.
So the term ->-bleeped-<- can be considered very very "loaded" and while some are not offended by it at all, for others it can be triggering (making them recall prior physical assaults, for instance), so I would urge everyone to be respectful of others and generally refrain from using the term unless you are sure others are ok with it. And be willing to stop using it if asked.
It's a complicated word with a complicated history, some of that history being very ugly.