This sounds like actual socialism. The kind of socialism that seeks to abolish private property and the concept of ownership. Only personal property remains, and workers controlling the companies they work in as a natural extension. It may not be intended to be socialism, but it would lead to socialism if universally adopted.

On the average, when someone says "socialism", it's intended to be an insult. It also serves as an indicator that the person is not interested in having a real discussion. But this is not it. This is real socialism. The kind of socialism that died as a mainstream option in Europe with the USSR, but which is still somewhat popular in the US.