It is used to point out the perpetuation and reification of race as a concept by people who call themselves antiracist. There are many liberal thinkers who have not given up on the notion that race is a fiction, and that the best way to be not racist is to understand this.

Race abolitionists like Kmele Foster (Fifth Column podcast) and Thomas Chatterton Williams (Self Portrait in Black and White), as well as scholars like Barbara Fields (Racecraft) point out that what people call antiracist depends on re-centering race in the discourse, which they see as promoting a race-based system of evaluation, which results in racist thinking (in the normal dictionary, pre-Foucaultized definition of the term).

Hence some people who agree with this line of thinking (though not the three I mentioned afaik) prefer to call “antiracism” neoracism because it’s a very different thing promoted by different sorts of people than what we traditionally call racism, but it still requires one to think in terms of race and to believe that race exists in a meaningful sense.