Nowdays it's an inflationary word used as a disparaging designation for heterosexual men, such as a gay men get called faggot.
Former a simp is a man who would do anything to get laid or to get a womans attention, yet the woman has no interest in him.
Now you are a simp for being attracted to women
Guy1: what did you talk about with that girl yesterday?
Guy2: I got her phone number and we are going to date
Guy1: dude you're such a simp