I tend to agree that 'socialism for the rich' doesn't mean much without so reducing who's in a society to be meaningless, or indistnguishable from a description of capitalism functioning normally. Socialism means nothing if it doesn't consider everyone and the system as a whole.
I suppose it does have some value as a simple rhetorical reversal to make people think about the difference between how the top echelons get on in a crisis compmared with everyone else. Most people in the wild aren't in the place to discuss socialism in any depth (a century of anti-socialist propaganda doesn't help here)