Well, just like rock music, there's good and bad classical music.

I think the 'Shred' label just reminds people of so many beginner guitar players that sound exactly the same. They've spent 2 years learning nothing but scales as fast as they can play them. Meantime, they don't know anything about dynamics or the emotion that needs to go into music. They don't know any other forms of music or styles. There's no variety in their playing.
They're just inflating their ego with how fast they can play.
There's guys that post here that sometimes get into the 'who can play fastest' competition.
It's like.. great... but what else can you do?