No, it's that thing where white guys complain that women and minorities are being hired instead of them even though there is no objective evidence of that.

Companies generally don't use DEI in hiring decisions since this would be a violation of anti discrimination laws (they protect white guys too). DEI only applies to the start of the hiring process to get more female and diversity candidates. Candidates still need the skills and background to make it the rest of the way. So when you hear someone complain about DEI, it's really a complaint that they no longer have the skills to get hired.