The Sandwichman has done the heavy lifting on the topic. Me, I find accusations of "Cultural Marxism" to be bad for my moral character. If I can undermine capitalism simply by being who I am, there's no need to do anything else. Wouldn't that be fun? It would be hipster heaven, which is enough reason to feel slightly nauseous.
I have a theory about the origins of the Cultural Marxism bogeyman. The New Right was infamous for its excesses of self-indulgence and inability to handle them. They played around with sybaritic anti-authoritarianism before settling down to a life of resentful propriety. Big deal, eh? But they needed scapegoats. A "Cultural Marxist" could have told them their experiences were nothing new and nothing to get so upset about. Privileged youngsters have cut loose, many with later regrets, for all of recorded history. Those that get over themselves settle down and maybe enjoy a few moments of nostalgia. Those that don't get over a trivial little thing go on to stuff themselves silly with paranoid, exculpatory polemics. It's tawdry. It's sad. And sometimes dangerous lunatics run with it.