It seems like an extremely straightforward term to me, describing corporations prioritising their own profit over customer experience. I’m a millennial and I’ve heard the term in use a lot longer than Gen Z have been around.
It is still a pretty stupid term that shows they have understanding of economics shallower than a puddle. Not reducing the profit margin to zero is also prioritizing profit over customer experience.
Unintended consequences, it is one reason why business students study these cases, to hopefully not repeat them.
Try running a business with low margins and low skilled employees, you make choices or go out of business, some choices win, some don't.