The meme lives in the gray space of non-specifism, where every person for or against imposes their preferred meaning
If you go to a somewhat authoritative source such as https://blacklivesmatter.com/defundthepolice/ then you get
> We call for a national defunding of police. We demand investment in our communities and the resources to ensure Black people not only survive, but thrive.
But what does it mean to have “resources to … survive [and] thrive”? I would argue it implies a rethinking and rebuilding of policing based on the needs of the community, like GP claims. Another leftist might think it’s the anarchical approach. It’s vague, more or less intentionally