I'm aware this term has been around for a while, but it has spiked in usage during the george floyd protests and now again with the arrest of the bodega clerk in New York after he stabbed someone trying to rob him, and was subsequently charged with murder. It's defined as "A stage of governmental dysfunction in which the state is anarchically hopeless at coping with large matters but ruthlessly tyrannical in the enforcement of small ones".
The term was coined by Samuel T. Francis (a noted racist and hate group member), originally relating to how violent gangs were not prosecuted while other, smaller crimes were, particularly against the people who would be most affected by gang violence.
I think that there is also a missing thread here, in that in the anglosphere "Anarchy" has long been used as a synonym for "Lawlessness", or "No Rules", which everyone understands to ultimately mean "Rule of the Strongest/The Mob". That goes at least as far back as the English Civil War, in fact.
This gets racialised in the US due to our historic, & often still present over-reliance on the subject labor of people of color.