I think it's a cute way to say the word "friends" for most people. I know it has another meaning. Alt-right folks can try to co-opt it and others can co-opt it right back.
I don’t know if “co-opt” is even the right way to think about it. Do you remember all the breathless articles from the early 2000s about how jelly bracelets are a sex thing? I think this is the modern version of that.