Realistically they don’t exist. But it messes with their narrative. They need to feel Superior. So they need to feel that the people who disagree with them must worship her or Trump. Because it certainly couldn’t be that they have bad takes. Or thay people have reasonable things to disagree with them on. They know in their own minds that they are absolutely 100% correct. And if you disagree with them. It doesn’t mean that you have anything about to say or a point. It just means to them that you are wrong.
As the other poster pointed out. They’re using the term with reference to economic liberalism. What the US was founded upon. What we today generally refer to as capitalism. Economic liberalism is a mouthful. It was generally shortened to liberalism and it’s adherence called liberals. The modern use of the term is a warping of that. Realistically wealthy Democrats and Wealthy Republicans are both liberals. Just not the Liberals you would be referring to with the term liberal. You’re using it as slang they’re using it as a proper noun/term.