To most it's a blunt shorthand for radical progressivism to the point of an obsessive panic about who's the biggest victim and the biggest victimizer. It typically points to somebody who holds an ensemble of ideas surrounding race, gender, diversity, feminism, safety, sometimes mental health, disability, obesity etc with particular emphasis on performative acts of policing the language people use to refer to groups of people.

The terms 'whiteness', 'white privilege', 'diversity', 'social justice', 'equity', 'equality' are poorly defined too, and mean different things depending on who you ask. Our language is full of these poorly defined umbrella terms. But I know what to expect when I hear somebody described as 'woke'. In fact you use 'conservative' this way in your comment, but conservatism encompasses a very broad range of thought too.