It's also the most misused and ill understood word of 2024. At least half of the people here on Lemmy are using it wrong.
This Australian dictionary didn't need, nor should they have, created their own definition as the guy who coined it had already defined it.
"It’s a three stage process: First, platforms are good to their users; then they abuse their users to make things better for their business customers; finally, they abuse those business customers to claw back all the value for themselves. Then, they die."
The key here is that it's not just the users of platforms or services who have problems but ultimately the very businesses doing business with the service or platform, the supposed real customers, who end up having problems.
You don't have to trust my ignorant ass on this either, you can go directly to the source.