I mean, you're not wrong. You're actually eerily accurate.
People look to systems like fascism when liberalism succumbs to the political version of enshittification, more concerned with short-term political calculus, not offending anyone and ensuring donor cash continues to flow--all at the expense of the welfare of society.
Don't want angry Nazis? Don't make people feel like they have no hope, because some demagogue will come around peddling false hope and rage-farming instead.