The word is thrown around a lot and most people do use it as they want, but from my observations of the online medium, "woke" is usually used for companies that insincerely pander to minorities with a token act of 'kindness' that also has discriminatory undertones.
The most common example I've seen to have the word used is for comic book live action adaptations or remakes in which a red-haired character otherwise known as a ginger is replaced by a black actor. The 'woke' meaning here is companies being intentionally racist in their malicious compliance to add minorities as a quota with the unsaid, yet implied wordplay.
For those who don't get it, 'Ginger' -> 'N...'
Edit: Of course, for some people, any race replacement for any character is 'woke'. Also, now that I think about it, most recent movies and animations with women as leading characters get called 'woke' as well, often compared to Ripley or Connor from Alien and Terminator movies.
So yeah, in a sort of sense, 'woke' would probably be akin to saying 'insincere pandering', or that's how it's meant to be portrayed?