a derogatory term used by mostly ageing cougars who think they can pull better than whats in front of them. In this circumstance it is regarded as an insult considering the person who says it is most likely A: 40 something with a hallwayvagina, or B: really fat. However the same word used in a sentence by a pirate or bikie with a beard is actually a colloquial form of communication among mateys.
shopkeep lady: what can i get you matey?
me: matey? bitch you better check your fucken respect levels, fuck you, you old bitch i'll buy my smokes at the tabbacconist.
pirate: arr matey we are gunna rape and pillage til our dicks fall off from inventing stds.
me: cheers bro