"worked" means it gets the job done and legacy means it's old. Code only gets old when it worked (at some point). So I don't think this redefinition is that far off.
However I agree in general most people mean "Old code I don't want to work on because I don't like the technology it is built in".
However I agree in general most people mean "Old code I don't want to work on because I don't like the technology it is built in".