Most of the times I see the term in regards to people, not products/brands/companies, so I think the boycotting part is way less prevalent and rightfully called just “boycotting”.
I’ll admit I haven’t researched the origin of the term (and it’s probably on the same level as “woke” in number of different definitions), but to me it’s mostly about people saying or doing something “controversial” and getting harassed/ostracized for that.
And I say it’s terrible because when it affects fragile people, or generally people with a conscience, it works and ruins careers. When it’s towards ones like J.K. Rowling or Kanye West they just don’t care and keep working, making money like crazy while still being openly transphobic/racist.