The term is new but the concept is not. It picked up in liberal academic circles because they're constantly rediscovering things that communists and anarchists already knew 150 years ago and forcing it through the lens of liberal "progress" as if it's a brand new insight. The important part is to remove the socialism aspect.

It ends up working as a form of recuperation, a toothless mimic of organising for social change that is frequently wielded against socialists that say, "economics too" (which, incidentally, was included in the original liberal definition).

Anyways I still use the term to communicate with liberals as a shorthand for "I'm not a reactionary, how about you?"