I basically agree, but I think at this point it's an accepted use; see e.g. <https://en.wikipedia.org/wiki/Democratization_of_knowledge> and <https://en.wikipedia.org/wiki/Democratization_of_technology>. Indeed, wiktionary (<https://en.wiktionary.org/wiki/democratization>) uses your sense as the first, strict definition, but gives "The broadening of access to something, especially for the sake of egalitarianism." as the loose definition.