It's a word coined by Marina Hyde in The Guardian in 2020 to describe people like Chris Grayling:
https://www.theguardian.com/commentisfree/2020/jul/10/chris-grayling-chair-intelligence-committee-
She's subsequently re-used it, earlier this month, to refer to people like Gavin Williamson:
"It’s hard to believe Boris Johnson will really crack down on Putin’s cronies, when he’s just knighted one of his own.
To pick this precise moment to give Gavin Williamson a knighthood reveals much about Boris Johnson. Why doesn’t the prime minister just give Gavin a gas field, or a bank, and make him honorary president of British Fencing? No 10 probably felt yesterday was a good day to bury bad news. Instead, there was plenty of fury at the revelation that yet another useless person has been deemed sufficiently useful to Johnson to receive an honour. Sir Gavin joins Lord Lebedev and far too many others. Say hello to the wallygarchy."