It's evolved beyond that definition to encompass people imitating the actions of others with the belief that those actions will grant them something. In this case, it's low status people thinking that hosting rooms and talking inanely will increase their status when the reality is those activities are merely ways to show status, not gain it.

Similarly, "cargo-culting" can be applied to a piece of code or script everyone copies and reuses without actually knowing how it works and then being confused when they've effectively built a wooden airplane and no goods have arrived.

It's very common slang in tech circles.