That's the real answer. The subreddit was a response to BPT, which focused on distinctly subcultural elements the same way as e.g. Scottish People Twitter. WPT was the more generic internet-culture screenshot clearinghouse.

Other instances have wisely decided to call that space "Microblog Memes."

But why does a black version even exist?

So is this a sub created by white people who felt excluded from the black people community?I really need to know. This has bugged me for quite some time.