Yeah that's how it caught on with the liberals. They saw people getting respected for being "awake" and wanted in on that action... but they ruined it.
Technically the word hasn't lost it's meaning, it's just being used by people on the left who genuinely believe they are woke. Doesn't all objective words have this problem? Like "big" for instance, what is big in a certain context, people may have different opinions on that and some will be factually right and others will be factually wrong.
Hard to change this behavior I guess, Hitler tried to reclaim the word "socialism", which already back in 1933 were stolen by (((commies))).