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Cory Doctorow New Book: Enshitification
(www.kickstarter.com)
This is a most excellent place for technology news and articles.
Why do you think everyone is using the term is wrong? Plenty of words get overused until they become meaningless but I have mainly seen enshittification used to refer to large companies significantly degrading their product in a bid to increase profits which is what I understand it to mean. If it's used a lot, it's because it's happening a lot (often by companies who built their products in the zero interest rate, infinite money era and now have to face the new reality).
I see it used as "things got worse" a lot but I did a quick search and looks like you're right, on lemmy it's used correctly most of the times.
It's happening to governments too, but they call it austerity.