As per the linked wikipedia article.. it used to mean that (as a pejorative term coming from professional wired telegraphy in the 19th century). From the articl

As per the linked wikipedia article.. it used to mean that (as a pejorative term coming from professional wired telegraphy in the 19th century). From the article ".. by the mid-20th century it had lost its pejorative meaning." But yes, it's not an acronym.