I've heard that label before & the ironic thing is, is it's mostly applied to douchebags from what I've seen. Ignorant, rude, pretenious, high image of self-importance, etc.
As I said to a friend when we were discussing confidence - this is something Americans get wrong all the time.
Confident people lead & motivate others, etc. They are the people others want to follow.
Arrogant people (which Americans typically call confident) are simply bullies and brutes.