On many occasion have i seen, hear and read about women/girls referring to themselves as a b-i-t-c-h and some even brag about it.

It's more common on Social Networks( The Common Ones).

Is it morally right to do so or maybe they are just ignorant of the term "B-I-T-C-H"

b-i-t-c-h
   /bɪtʃ/ Show Spelled[bich] Show IPA
noun
1.
a female dog: The b-i-t-c-h won first place in the sporting dogs category.
2.
a female of canines generally.
3.
Slang .
a.
a malicious, unpleasant, selfish person, especially a woman.
b.
a lewd woman.
c.
Disparaging and Offensive . any woman.


http://dictionary.reference.com/browse/b-i-t-c-h