Common meaning:

Waking up to injustices in society.

Hidden meaning of the Equity religion: 

Waking up to the fact that everything in the Western system is one hundred percent oppressive.

Discussion:

The Equity believers consider everything in the Western system to be oppressive but that only some people can see this truth. Only those who are woke have woken up to the oppression that has been impacting them their entire life.

In reality, there has been no time or place in history where the people of a nation have been as free as they currently are today in the West.

Like many religions, Equity has a moment of conversion, a time when the unbeliever finally accepts the truth of the religion by faith. In the Equity religion, this is when a person awakens (becomes woke) to the oppressive Western system all around them. They have become born again into the true religion of Equity.

Never underestimate the power to be accepted as part of a group. Particularly one with a belief system that allows you to blame other people for your own problems.