Bocefish said:The slang usage must be a UK thing, at least I've never heard it used in a derogatory way in the states.
Ponce is the only ship of the United States Navy that is named for Ponce in the Commonwealth of Puerto Rico, which in turn was named after the Spanish explorer Juan Ponce de León, the first governor of Puerto Rico and European discoverer of Florida.
I have read it before in books, but I think it has fallen out of popular use for insulting men.