I see it as a slur the same way "Jew" is a slur. It depends entirely on how much stank you put on it.
I'm not a fan of "LGBT" as a means of identity. It feels both too restrictive and not inclusive. Especially because of how much gatekeeping the first two disproportionately do. And how little they care about others. Best example currently going on is the LGB people. I thought I saw something saying the Lesbians were wanting to cut out the others.
I guess this is just a downside to living with internet and access to every culture, but...I don't care. I could easily diminish my self around hurt people, and it is something I do. But I'm not going to let hurt people change who I am. The world shouldn't be built for hurt people. It should be built to help hurt people.
I’m of the opinion that “LGB” backlash is directly in response to the Q-slur discourse. They see their radicalism, hypersexuality, attention-seeking behavior, and other stuff that disproportionately benefits cishets over LGBT people, and falsely assume that all trans people are q***rs.