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"lolicon" isn't a Japanese term. It was invented by a random American observing things going on in Japan. Then, the term was borrowed, presumably out of convenience. Indirect inspiration by Lolita (even that was a work of fiction) is given too much credit.
And, frankly, I'm concerned by how some guy from the U.S. can "make an observation" about a *completely different country*, and get paraded around as an authority, especially when their observation might have negative connotations attached to them.
Continuing on the "not a real term" point, I've seen different people, in different countries, use it in different ways. Someone might even have an opinion on what the "right way" to use it is.
Also, honestly, it's not a real term (particularly in the West). It means whatever the person speaking wants it to mean which is not a whole lot. I see it used as a slur against supposed "subhumans" (so being a jerk) or "Cool and feels taboo."