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I'm not too sure what the term really means. Yeah, it's lazy, but here's how Wikipedia defines it:

Blaxploitation is a film genre that emerged in the United States in the early 1970s when many exploitation films were made specifically (and perhaps exclusively) for an audience of urban black people; the word itself is a portmanteau of the words "black" and "exploitation." Blaxploitation films were the first to feature soundtracks of funk and soul music. These films starred primarily black actors. Variety magazine credited Sweet Sweetback's Baadasssss Song with the invention of the blaxploitation genre. Others argue that the Hollywood-financed film Shaft is closer to being blaxploitation, and thus is more likely to have begun the genre

"These films starred primarily black actors" seems obvious as well not telling us much. There's definitely a genre here, a style that deserves a name, but I'm thinking "blaxploitation" is the wrong one.

There is definitely a perception that these films demeaned or at least exploited black folks. Having gone halfway through the genre, I'm not sure that's true. Black Samson may have been a mediocre movie, but the character is actually fairly positive, the nudity and drug-use free Trouble Man to a lesser degree. That's not to say that The Mack or Willie Dynamite didn't outright glorify pimping, or that Superfly didn't glorify criminality.

In all, I think the term "blaxploitation" doesn't show the diversity of representations you get in these movies. It's a horrible blanket term. It's also vague, was it black people or black audiences being exploited? Generally, I'd be more willing to agree with the latter.