I think maybe you mean just "Marxists". https://en.wikipedia.org/wiki/Cultural_Marxism_conspiracy_th...
To your question, I do think the term is becoming heavily watered down as I see it being used frequently by people who clearly lack the context on Marxist thought to be able to use it with it's original meaning. More often, when people use the term, I infer the sentiment that the "capitalism" we live in is regressing into oligarchy or corporatocracy.