I find it insulting to get a gift that was given to someone before. It seems...almost...deceitful. In turn, I tell my recipients that they may pass it on if they wish.
However, I do like re-gifting where everyone is participating and it is known ahead of time. It is the element of misrepresentation that I find insulting.
This is not about re-gifting but...my Mom, one year..gave me the gifts she bought and wrapped for me and the children the following September and it was kinda special. Because it could have been me doing that.