Sure, but for any definition of a word to change a new definition must have reached a certain critical mass with the populace. I don't think we're there in this case, I haven't seen an alternative definition of the word that better fits the description or is more widely accepted.
I don't believe term invocation is a privilege of the racism word alone. It's pretty often invoked when we talk about social or political concepts which inherently tend to be misused far more than the factual words like "table" for example. I see people very often have to explain or correct others in the definition of various "isms" like fascism, socialism, libertarianism etc. etc.
As an irrelevant footnote, I refer to the dictionary very often. I believe that's my 3rd or 4th time this week on this week alone for entirely different words. That's a trait of mine, I'm a bit of stickler for definition and I'm fairly consistent in that regard.