I think a good comparison would be the word "puritan". At one point puritanism was an existing social movement that mattered, and lead to a lot of upheaval.

But the context in which it existed is gone. So if someone calls someone a puritan now, they don't mean they're trying to rid the Church of England of catholic influences. The reformation is over. It's now a fuzzier kind of "cultural" insult.

I think people are finding hard to let the word "fascist" go. For so long you could use it to immediately put people on the defensive. But much like puritan, the sting is basically all gone. Hard for people to grasp here as I know this place trends older and more left wing, but time marches on.