It's mostly a term for "people in the space" if you look at twitter discussions about crypto and web3 you get a lot of answers like "You don't understand it because you are not in the space. It's for web3 people." It's an easy way out of a discussion as it was with web2.0 in the beginning further ramping up the FOMO for "normies". Some weeks ago a lot of Twitch streamers got sponsorships for nft-marketplaces like https://eternal.gg/ the biggest talking points they gave creators to handle backlash was "the future of the web, web3" and that "it's for people in the space". Have a look at /r/livestreamfail on reddit and search for nfts or crypto and you will find a lot of videos of creators defending their decision to offer nfts with "web3".