That looks like a perfectly sealed argument. You're popular - surely it's privilege. You're unpopular - you have so much privilege you can even afford being unpopular! Society loves you - clearly privilege. Society shuns you - you're so privileged you can take on the whole society, clearly you have the whole privilege in the world!

If any outcome leads to the same conclusion, it usually means the argument is faulty, or at least redundant.

No. The privilege part is that you can be unpopular and still be safe and successful.

To the less privileged fitting in just right can be a matter of survival.

The problem here is that survival while being unpopular is taken as the evidence of existence of privilege. So whether you are popular or not, both is the evidence that you are privileged.

survival? Have we all been transported to Bartertown?

It is very similar to the concept of political capital.