It's not the term that concerns me, it's the overall stereotype that the Warriors play a particular style of rugby league= mistake ridden, flamboyant, lack of attention to detail, no structure, we have "huge forwards", etc etc.
There's no doubt that this stereotype is rather condescending. There's significant doubt that there's any truth in it (I think the only people who really believe that the Warriors play a distinct style are those who buy in to the stereotypes anyway).
And, finally- in my opinion, and it's only my opinion, it's obvious that these stereotypes tie back to the ethnicity of the players. Let's not be stupid here- when people bring up these stereotypes they are not thinking of Mannering, Luck or Lillyman.
So yes, there is an inherent racism in how people perceive the Warriors, whether they use the expression "jungle ball" or not. I also think this stereotype would persist even if the Warriors had 17 white Australians in the line-up, because the racial stereotype is deeply rooted into the external perception of the club's identity, regardless of who's actually in the team.
Jeez, that came off sounding like a bad day in sociology class or something, but there's some truth in there I think. If anything it annoys me not so much because of any racist element, but because it's so hard to find decent analysis of how the Warriors are going without resort to woefully inaccurate stereotypes.