Sorry, but DEI is a failed ideology.
It is based on something as feckle as someone's skin color, not based on earning or merit. DEI is the opposite of judging someone for the Content of their character, not the color of their skin, which so many American fought for to uphold equal rights..
The definition of Diversity, Equity & Inclusion (DEI) are not at a pejorative when Some of these people have DEI on their door and in their Name tags and hold such Offices, that now too are failing and being shut down.
There is no defense for it..
That is why major retailers (McDonald's, Lowes, Home Depot, Target, etc) across America and elsewhere are pulling back and firing their DEI departments. Zuckerberg just announced this a few days ago, himself.
Though I do agree, if you are calling your boss (to their face, or co-worker) a DEI hire, that would be derogatory & mean.