I've been thinking about this and it happens I do have an answer.
Wokeism is in part an ideology and a set of political goals, but it is also a means of competition. It is the foundation for a system of verbal duelling that determines who gets the limited number of spots at the top of our hierarchy. Like the Edwardian's preoccupation with gossip and scandal or the Aztec's ritual sacrifice of losing ullamaliztli players, it's a means for an overproduced elite to thin its ranks. An excellent example of Wokeness-as-duelling is the story of Annamie Paul, a Canadian politician. Annamie Paul was a woman and lawyer from a dark-skinned Jewish family - this will become important later - who won leadership of the Canadian Green Party. From a Woke standpoint that was the desired outcome, a black woman can become leader of a political party, aren't we wonderful. But winning a position of power and wielding it well are two different things, and Annamie Paul faced a leadership challenge over her position on Israel-Palestine. It was quite mainstream for a western country, but not for Canadian Green party voters. As the back-and-forth turned acrimonious, she alleged her critics were motivated by racism. Public support for the Green party, which had been making slow advances over the preceding years, collapsed spectacularly in the next election.
It's not hard to see, with the benefit of standing outside the fray, what Annamie Paul's mistake was. A Jewish woman, asked about the situation of the Palestinian people, can only acknowledge her privilege, and if she wishes to make no concessions she must pay the political price of not using her privilege to benefit the less fortunate. She could not, in that context, allege racism because in the context of that particular debate, she was of the privileged race - technically religion, but in that context the distinction wasn't important. The rules of Woke competition are by design self-contradictory, but they are still taken seriously, and everyone could see that she had violated them. So she lost the position she had attained, and given the hit to her reputation will need more effort and luck than she spent to get it if she is to attain another as lofty.
Now, what is wrong with any of that? In my opinion, nothing. For Annamie Paul I can only say 'live by the sword, die by the sword', if she'd been able to demonstrate genuine compassion for Palestine she could have walked out of that trap as easily as she walked in. As for the broader effect on society, Woke competition actually selects for the qualities I'd want in my elite. Verbal intelligence, compassion, and tolerating paradox are all good qualities for an elite class to possess. Further, while it's easy for a hypocrite to use it to attain higher rank, it's very hard to retain said rank unless one genuinely displays the virtues Wokeness demands. But, and of course there's a but, it is a system that produces winners and losers, and the losers get to have a say. In particular, straight white men are shut out of a lot of targeted benefits and mutual aide societies others have access to, while being discouraged from forming our own. It takes the arrogance of a rich white man to look at a system like Woke competition and say, "I can win that". So of course, poor white men don't think it's a game worth playing, and when they denounce the structure of the game, any rich white man - or rich white woman for that matter - who tries to argue against them finds themselves in the same position as Annamie Paul, punching down in public. That, of course, makes it worthwhile for people winning the game to use said PWM as a vector to demonstrate their own compassion and attack their competition.
This only changes when the rules of the game adjust to be more reflective of the actual difference between rich and poor. Woke competition does allow for a change of the rules, but it's currently not clear whether such an adjustment would require an overhaul or a tweak. People who think it would require an overhaul often allege that a key goal of woke competition is to fracture the poor along intersectional lines to prevent them making common cause against the rich. If true, that's of course an unforgivable transgression that may require replacing Woke Competition with something else entirely. Those of us who think it might require only a tweak think that this is an artefact of the unconscious privilege of the rich, which they will remedy with all haste once it is brought to their attention.