People forget: for a very, very brief moment during the 2016 US presidential campaign, the problem of actual "fake news" was in the spotlight. Literal fake news, where a pseudo-news site would put up stories that was entirely fictional, to promote a political POV, and present them as news. Trump swiftly neutralized the term by co-opting it and using it, as you say, to mean "real news I don't like". But for just a moment in time, it was originally used to describe actual fiction posing as news.
