Bae is an old term. Not sure when it received an acronym but it just meant babe. Then the culture vultures decided to make it uncool like everything else they do and overuse the word. Then Time decided to run an article incorrectly explaining what it meant because Pharrell used it in a song title.
My little sister told me the acronym and I told her that sounded made up as hell. It is just sort for babe and yes......culture vultures decided it meant something else. Thanks Buzzfeed.