If you are referring to its origins in the French Revolution, then you could say the same for "conservative" and "right." I personally don't consider any of the aforementioned terms as derogatory. They are sometimes useful categorizations of views on specific topics.
I don't think anyone has characterized their own views as "reactionary" unless it was part of a self-deprecating joke, sarcasm, or rhetorical flourish. It's like Chauvinism - implying that you are a thoughtless defender of something.
