I agree that the usage of 'Nazi' has been thrown around a little too freely the past couple(+) of years and likely has diluted the meaning.
The far-right nationalist movement of 1930s Germany didn't start with the gassing of the Untermensch on day one. And I'm not suggesting that the United States will soon begin a widespread (or a narrow) gassing camping. However, there certainly seem to be numerous applicable parallels between the rise of German Nazis and some of what we have seen in the last year.
Most concerningly, there is a federal police force acting with "absolute immunity," bypassing Constitutional rights and norms to indiscriminately round up a class of humans without judicial oversight. Those rounded up seemingly have limited appeal rights before being sent to holding facilities/prisons in other states. Prior to this effort, there was a substantive campaign to blame illegal immigrants for nearly any complaint one could come up with (taking all the jobs, they're murderers/rapists, buying all the houses). The idea of having to prove your citizenship by carrying documentation easily elicits ideas associated with Nazi Germany.
There has been a fairly successful consolidation of power within the Executive and a bypassing of Congress which fits with an authoritarian push. The revival of the Monroe Doctrine and the desire for annexation of nearby territory are not without some similarities. There is also the appearance of retribution and targeting of political adversaries in addition to attempts to control independent media.
While I think Nazi has been overused, it doesn't seem like that much of a stretch to see some of what is currently going on as certainly authoritarian and perhaps Nazi-esque.