All words lose meaning over time. They are born, they take on new colors, eventually new job titles, and then, eventually, die as they're replaced by new words. And language is always on the move.
Add to this the recognition that
epithets rarely have precise meanings. They're basically a way of saying "Boo!" or "You're the bad thing!" They're applied to everything and come close to saying nothing. George Orwell would say of "Fascism" in 1945
“The word Fascism has now no meaning except in so far as it signifies "something not desirable"...In the case of a word like democracy, not only is there no agreed definition, but the attempt to make one is resisted from all sides. It is almost universally felt that when we call a country democratic we are praising it: consequently the defenders of every kind of regime claim that it is a democracy, and fear that they might have to stop using the word if it were tied down to any one meaning.”
The word is basically a synonym for "jerk" (less polite terms might also be suggested...). Does the word have a precise meaning? No. Do people "get" what you're saying when you use the word? Yes.