Common meaning:

Hostility by some people toward those who identify themselves as transgender.

Hidden meaning of the Equity religion: 

Systemic hate by all normal gendered people of transgendered people.

Discussion:

Equity teaches that all normal gendered people hate all transgendered people.

This is a total lie, as normal people may consider self-proclaimed, transgendered people strange and find them off putting, but that does not mean they hate them. It is true they don’t like transgender athletes dominating female sports but that has to do with fairness, not gender hate.

When your arguments are weak and you don’t have a logical leg to stand on, that is the time to bring out words of abuse. All of the phobia words used by the Equity believers are designed to attack those that would disagree with them. They will tell you that transphobia is systemic hate by all normal gendered people toward transgendered ones. In reality, it’s just a tactic to bully those that disagree with them into silence.

Deep down, the Equityists know that their arguments have no validity, so they just scream phobia to cover up this fact.