If you're a Eurasian with HK family going back many generations, it isn't so amusing to be called a Gweilo day in day out. It suggests that you don't belong. Or if you're a dark skinned person being called "hak gwei" (black ghost). It seems to pepper the language especially when people are annoyed, so I don't find it to be a neutral, much less endearing term. I don't really care that much, but when i read that some young expats chose this as a quirky beer name, it hardly makes me want to support the brand.