I think that in the minds of Friedman, Hayek, Mises et. al. (who coined the term neoliberal after WW2), it was meant to marry modern pro-market economic ideas (the “neo” part) with classically liberal social ideals, reaching back to the Enlightenment. I think they intended it as a counter to socialism, which combined anti-market ideas with regressive ideas around social and civil liberty (at least, in practical application in the wake of WW2).

But yes, in modern parlance it is often a slur aimed at pro-corporate capitalist kleptocracy.