There is the Wester dictionary definition, there is how it is commonly used in normal conversation, and there is how it is being used in regard to the protests.
Depending on who is speaking it can mean completely taking away funds for police to be replaced by some unspecified community based system. In another context it can mean reducing funds for military style weapons armored cars or reducing the scope of police and transferring money to other programs.
Here in Seattle the talk is taking homeless, drug emergency response, and domestic responses away from police.
If you listen to people speaking on the news enough one realizes good English and grammar is not a consideration. You have to learn to interpret in the context of who is speaking. For example Trump.
Take domestic responses away from the police? 40% of all officer deaths were caused by them responding to domestic responses.
There is a small trained mental health group in Seattle that reponds to domestic situraions without police. If needed they walk away and call for help. A member was interview on a local station.
The idea is that an armed officer entering the situation to begin with automatically escalates the situation.
On this local police are in agreement. They want to shed what amounts to social work. They are not trained for it.