> Feudalism: the dominant social system in medieval Europe, in which the nobility held lands from the Crown in exchange for military service, and vassals were in turn tenants of the nobles, while the peasants were obliged to live on their lord's land and give him homage, labor, and a share of the produce, notionally in exchange for military protection.

Large power imbalance between the workers and those with means? Check. Not in use since Medieval times and thus an analogy unlikely to be confused? Check

An analogy, by definition, only has to bear partial resemblance to the thing being compared. The power imbalance in feudalism and the gig economy is clear.

So no, feudalism does not mean "things I think are bad".