Intended as a derogatory term; in the past it was an acronym for White Anglo Saxon Protestant, and sometimes White Affluent Schooled Person. The term referred to a group that was believed to wield disproportionate social and media influence and power.
The new WASP of today is actually White American Straight and has a Penis, as this audience is typically the default normative of most social and media presentations in America today, with all other groups being labeled as abnormal deviations.
Rarely does anyone bother to expressly state that something is created by, for, or composed of "red-blooded American Caucasian males" or "typical American White Guys" because such is the naturally assumed default. However, if the creation deviates from this it will most likely be labeled as such. If something is created by, for, or composed of blacks, foreigners, gays, or females it will almost always be noted because it is a deviation and not the assumed social / media default.
This show is so WASP-y, the entire cast is just straight, white, American guys with only the occasional token foreigner, black person, or gay; and all the female characters only exist to be cheerleaders or love interests. Clearly this show was created by WASP-s for WASP-s!