In the US specifically, it's a pejorative for people who are fine with the invasions, embargoes, drone-strikes, and military interventions abroad, but would please like some social healthcare at home.

To add to this they also generally don't care much for the rights of POC, women, and queer people. They'll often discredit any attack on the inherent partiarcal and white supremacist nature [and history] of the US as simply identity politics being advanced by woke liberals who want to weakened US.