Josh was a lolcow by the definition of people watching his content and milking him for lulz. Had he been born in an age without the internet, he would've been the village retard.
If you compare Josh' content and general internet presence, you can compare him to Chris Chan on a lot of points. CWC is the lolcow.
I agree with you, the term has been watered down quite a bit and any random retard who goes viral on tiktok doesn't equate to them being a lolcow. There's a certain vibe or invisible parameter that makes someone a lolcow, even if you don't necessarily think so yourself, and that is the fact that you can milk them for lulz/content.
A millionaire can be a lolcow, just as someone on welfare benefits can be a lolcow. It's their behaviour and how people receive that behaviour.