A lot of the people in the comments here seem to miss that this explicitly isn't about workers or feeling overworked and if anything should make the average consumer better off.
Upon joining WTO one prerequisite is 5 days-8 hours work week, while presently in China you often find 996 schedule instead, with factory workers even worse with 12 hour shifts and 2 days off a month.
It is simply sweatshop in the 21st century again, a hallmark of Neijuan.
But given the term's emergence in a country with a communist government, and the origin described by wikipedia, I think what I'm saying is more aligned with the term's origin.
Whatever the term means on Chinese internet sounds like standard (I'm sure partially valid) doomerism. I can accept they use it to describe that.
The 996 working culture in this page is actually *996.ICU*. "Work by '996', sick in ICU", an ironic saying among Chinese developers, which means that by following the "996" work schedule (9 am to 9 pm, six days a week), you are risking yourself getting into the ICU (Intensive Care Unit). [1]
Take a step further, do you want to overwork to death if you have other choices? One of the reasons behind 277k stars in 996.icu repo is that 996 working culture literally takes over every single corporations in China. With the downturn of China economy and the selective execution of Chinese labor law, in recent years, 996 becomes even harsher to labor force in China because there are more than overwork now, e.g. low salary and low human rights. When you say 'make the average consumer better off', you conveniently ignore the tears, sweets, and blood behind the facade of neijuan.
The younger Chinese generation views their economic situation much in the same way: forced to overwork, with surprisingly little personal gain. They are typically not capital owners at all.
Note: the term is sometimes translated to “内旋” (“inward spiral”) in Japanese, which I believe conveys the nuance better.