I have always assumed it to mean the intersection of the two contexts. As in, necessarily copyleft.
A layperson doesn't know what copyleft is anyway; they hardly seem worth tailoring communicating for if you're not also going to explain the difference the terms encapsulate and why people might care. Just use "open source" at that point.
As far as I'm concerned the OSI doesn't have any weight and there's little reason to think we share values sufficiently for me to start caring. Do I look like a corporation trying to slap some sense of community on a product?