They don't just turn terms into slurs to rally the morons, they do it to attack the ideological base of their opponents.
"Globalist" became a dogwhistle for Jewish people because fascists pretended to think socialism, which inherently rejects nationalism or loses all meaning, was a Jewish conspiracy. By turning it into a meaningless slur they're not just turning their base against the idea, they're making their opponents react to its use as slur.
As it happens, neoliberalism ended up having a different kind of globalist goal, so they got a free 2 for 1 slur against their ideological enemies even though the end goals are wildly different. And, obviously, fascists don't see the need to explain how the "Jewish conspiracy" is behind both socialism and neoliberalism.
It also just turns people against the concept without understanding what it actually is.
Thus me just last week having to argue with a "socialist" social democrat about how "globalism" isn't a dogwhistle on an ideological level.
Ok bro that empathizes with Nazis