I never hear the phrase "doubling down" used to mean "doubling", except maybe in the original usage in gambling. But colloquially it just means "increasing focus on". In that use there is no inherent contradiction in downsizing + attempting to increasing focus. In fact that seems to be what almost all companies who downsize are attempting to do.

Edit: In fact come to think of it, even in blackjack when you double down, it's as much about committing as it is the doubling of the bet. You have to take one and only one card and that ends your turn, so you're turning down all other options to do this one thing, and in exchange for taking that risky move you get to double your bet.