The term "Fred" started out as a road racing term, and describes basically a newbie, especially those who showed up at races and were unattached to teams. They show up generally not wearing a team kit, but cycling shorts and some sort of t-shirt or day-glo color jersey. They chop corners, they half wheel, they don't know how to hold a line.... generally just making life miserable in the pack.

Eventually the term was co-opted to mean anyone in cycling who is un-cool, which is all of us at some point. Some evolve, some don't.