Not sure how you reached the conclusion that white nationalism doesn't have a real meaning. Googling "white nationalism" gives plenty of results that indicate "white nationalism" is an ideology that promotes white supremacy and/or a whites-only nation/racial segregation.
To quote Merriam Webster:
"one of a group of militant whites who espouse white supremacy and advocate enforced racial segregation"
I've just assumed it was a vague insult aimed at non-nominal conservatives.