Sure, either interpretation works.
Justifiable hatred of the establishment undermines institutions beyond repair, and since left wing politics are grounded in facts, whereas populism is not a fact-based ideology, left wing populism almost always fails, and populism has become practically synonymous with fascism.
Incidentally, this is also why the left-wing has a tendency for infighting. Again, left-wing politics are broadly driven by facts whereas populism is not. The right wing flourishes under these conditions because none of their beliefs are grounded in empirical or normative reality.