Comment by robocat

Cory Doctorow coined it to mean something different from how it is now used:

  Here is how platforms die: First, they are good to their users; then they abuse their users to make things better for their business customers; finally, they abuse those business customers to claw back all the value for themselves. Then, they die. I call this enshittification.

It now means something like "the process where products or services become worse as a vendor tries to make them more profitable".

Cory's definition doesn't really apply to B2B transactions (e.g. the word makes no sense for RedHat especially given abundance of other distros).