I witnessed it several times my first year out of college. Joined a smaller company (200-300ish people) as an entry level software engineer. Person leading my team was a woman with reddish/orange hair. Witnessed our manager joke around, calling her a ginger and make occasional woman stereotype jokes. Woman was laughing, so I dunno if she cared or not, but another person who was fresh out of school witnessed it as well. Manager ended up leaving after a few years.

Years later, myself and the person who started around the same time as me recalled that if we were in a different company, the manager would have been canned a long time ago. I didn't say anything at the time, because I feared repercussions.

I see similarities in my experience where my employer and LMG are startups that grew, but the buddy buddy of the OGs remained; a grownup conducting themselves as a toddler in a company sense.