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You're almost there, comrade...
It's not just what they call it, this is capitalism working as intended. This is the end game. Always has been. It's just now they have the tools to essentially brainwash millions using modern tech, and a wealth disparity that has been growing constantly for what, 100 years now?
That's why it seems different this time; they learned from past attempts. Not only can you just make them not revolt (or shit, why not just Orwell it up and make it so they don't even think they want to), you can direct that hate, anger and vitriol at your "enemies" to sow more chaos and division.
I don't think any of the people responsible for planning and carrying out this decades-long coup could have predicted it would be this wildly successful.
It's like Putin tossing a million bucks to a state sponsored hacker group (because meh why not, what could it hurt?), and ending up with a fucking Manchurian candidate and an army of loyal GOP politicians terrified enough of what might leak from those hacked emails that they are literally willing to destroy their own country from the inside. Unreal.
Oh, this system is definitely doing what it's designed to do, but "capitalism" nominally is this fair competition among equal players where the market decides which ideas and products rise to the top based on merit and whatnot. This would, however, require a level playing field which goes out of the window the moment the strongest player on the market uses their power not to provide the best products and services, but instead uses their power to solidify their top position by legal or illegal means or in ways they make legal by lobbying, bribing and otherwise convincing the legislative. The moment the biggest corporations secure themselves the cooperation of the political parties for one-sided tax cuts, bailouts, deregulation of limits and massive regulation in favour of the corporations' goals, that is the moment where we've left this impossible ideal of capitalism far behind.
But yes, the monopolies reigning from the corpse of the capitalist idea while telling you that capitalism is alive and well have worked hard to shape the status quo to what it is and they are definitely pretending that this abomination perfectly encapsulates the unreachable purity of the perfectly fair notion of "capitalism" every chance they get.