I agree with you. If you look at its biggest sponsors, it’s apparent that social liberalism is an attempt to shore up the position of neoliberal capitalism by redirecting ire away from capital and corporations. By elevating the individual above all else, and promoting identity groups secondly, it also implicitly directs people away from class-based politics (which is furthermore framed as a form of supremacy/oppression). Finally, the lowest classes in the West are divided evenly between whites and oppressed minorities, so keeping them at odds prevents intra-class cooperation.