I will not use that word.
If I hear ten people use it, they mean ten different things.. I've3 heard it used to mean
* reformatting industry-standard illegible slop into readability
* change the interface but not the implementation.
* changing the implementation but not the interface
and many more.
The last 20 years have been a complete mess in software development, where instead of fixing problems we create new frameworks that bring problems of their own.
Destroy developer focus with constant interruptions? Don't restore concentration, make people spend half their time writing stupid unit tests.
Framework updates break old code? Don't go back to doing correct work, create Docker and containers and keep mixing incompatible versions.
Productivity drops? Add ceremonial bullshit like agile and scrum and make developers drive to work in rush hour traffic to attend a completely useless meeting.
I have this funny lifelong habit of doing it right the first time. Fancy that.