It is, but it’s also an image that has very frequently been used to depict billionaires / the aristocracy / royalty, etc. See Bram Stoker’s Dracula, the Eaters from Ian Banks’ Consider Phlebas, Denethor in Return of the King (movie version), Baron Harkonnen in Dune, Dorian Grey, Parasite, Snow Piercer... I mean that's random stuff flying off the top of my head, you could easily come up with many, many more. Basically name a piece of even vaguely egalitarian art and you'll probably find an image of conspicuous consumption tied to the wealthy and powerful somewhere in there.

I think, contextually, it was clear what they were talking about, and I don't think that conspicuous consumption can in any way be deemed a purely fascist imagery.

You can also argue that "parasites" has been used to refer to the poor and disabled, but I don't think that should stop people from using it as a label for billionaires.