I do think a wokeness phenomenon exists, with specific peculiarities. Though it is also a word with a pejorative connotation used by a section of the population in a very vague manner to encompass just about anything they disapprove of.
I'll give my two cents. I'm not binding myself to any of this as I haven't put sufficient thought into it (though obviously I take responsiblity for it) and I'm open to being royally made a fool of:
1. It seems to be a class phenomenon. Generally associated with educated individuals with a certain degree of cultural capital who wish to signal membership of their particular social clique, not too dissimilar with the social cliques who ostentate wealth by displaying expensive cars, or those who do so by paying millions for works of art, or even those who seek to distinguish themselves by displaying their social networks. In this sense, wokeness is a form of social distinction. It has its own language and symbols and those who do not understand the fine details are excluded or looked down upon.
2. Wokeness has its own rituals. For instance, the practice of routinary protest. It contrasts with other forms of protest, such as organized but sporadic (e.g. the March on Washington, but also symbolic ones like the 1st of May which occur on that day in several countries); unorganized and sporadic, such as the manifestations of the Arab Spring, George Floyd's, Rodney King's, etc, which may include a degree of organization, but that typically can be traced back to a specific trigger or "final straw", tend to lack an organizing body, or where such a body exists, control over protesters actions is not tenable; or labour strikes, which tend to be highly organized, economically disruptive and whose goals are the improvement of working conditions/wages for its members.
Routinary protest is neither disruptive, unpredictable or of symbolic significance. The protest is an end in itself, not a means toward an end. It has less to do with the above mentioned protests, and more akin to Sunday mass: a social gathering where one demonstrates devotion, and through this devotion one's identity and status within the community is reinforced. It's comfortable, predictable and inconsequential. It's a lifestyle.
3. It includes processes of "oneupness". This is nothing new. It's where a new idea or way of understanding something imposes itself upon older understandings within the same current of thought. Those who hold themselves to the old ways are ostracised. It's frequently generational, and the animosity can be more severe than that applied to those who are outside the group. A specific example: the individual who would argue in the 1990s and early 2000s that homosexuals should be tolerated because "they do not choose to be homosexual" suffered fierce disdain from some younger cohorts who would argue that ones actions should merely be accepted regardless of whether one can "choose" or not. One can choose to experience an homosexual act, and that requires no further justification. The enemy here becomes the boomer who cannot comprehend or keep up with such minute alterations. And the animosity is directed not towards those who hold diagonally opposing views, but towards the boomer mother who enjoyed Crash or Green Book. Dreadlocks used by Caucasians, which was a sign of the depraved liberal of the 90s and 2000s, became an example of cultural appropriation to the new progressive.
What is part of the creed one moment ceases to be the next. Figures who hold sway and power one moment are excluded through their inability to comprehend or speak with the new vocabulary and understandings. In this manner the younger cohorts disrupt and circumvent established structures of social status, defining the new hierarchy in their own terms. The enemy becomes J. K. Rowling, Bill Maher, Richard Dawkins, or Hitchens, because such figures are the ones who hold power and influence. These manifestations, which are commonly presented in the form of ideational struggles, are essentially power struggles. New ideas are a necessity, the tools by which those within progressive social milieus acquire power.
Oneupness can be observed within almost any social sphere. For instance, the self-help movement (or whatever that is) over the last few years went from "I wake up at 6am and here's why" to "I wake up at 4am and here's why" to "I wake up at 3am and here's why"; practicing certain types of diet rather than others within some communities can be a sign of lack of sophistication; and in some circles, running (yes, literally jogging) is not the action of the healthy individual, but of the uninformed.
Such attempts are not always successful. Caitlyn Janner, Brandi Love, Dave Rubin, etc have attempted to establish themselves within the American "conservative" movement, yet their brand of "actually, it's Republicans who are open minded" has been thwarted by the "no, I'm racist and homophobic and proud of it" crowd.
4. Wokeness is a consequence of hyper individualism and closely associated with modern capitalism. The individual seeks to express increasingly unique and differentiated identities, giving rise to the "72 genders" or the "LGBTQIAPK". It occurs where differentiation becomes a marker of social status or is socially valued. It's related with oneupness, but not the same thing. Such differentiation and the impulse to express uniqueness is a manifestation at the individual level of the kind of marketing which was first sought by producers in order to differentiate their products in a market of roughly undifferentiated products. A culture of "self expression through consumption" developed and became normalised, ironically being most vehemently adopted by those who often express opposition against the system. The modern woke individual takes it a step further, seeking to express uniqueness in every facet of his/her life, stamp it in his forehead, make it public, God forbid somebody confuses him for something else: Father, Entrepreneur, Filmlover, He/Him, opinions are my own and do not express the views or opinions of my employer, because I'm willing to be against the norm, but not so much that I might actually suffer any negative consequences from it."
The individual who is woke may also (and usually is) involved in actual meaningful action, but he is woke in so far as his actions towards what he considers social progress are driven not by a need to see that progress occur, but by the need to self-identify as progressive or to be accepted by others as progressive. He can do both at the same time, and he's not necessarily hypocritical. It doesn't require self-awareness, and the need to express group membership can occur along a genuine belief in such ideals.
TLDR: Wokeness is the means by which progressive individuals engage in the dethronement of the established hierarchy within progressive social milieus. It may be directed towards those from outside the social group, but it's usually ineffective when doing so, since cancellation is only effective to consumers who are susceptible to it. Cancellation is by no means exclusive to progressives, neither have they invented it. Typically, progressives can only cancel other self identified progressives or liberals, since they share the same market.