They have the actual meaning that the majority or community gives them. But that isn't necessarily static. But you've shown no evidence that it's changed in this case. That's what I've always been saying.
What do you mean settled? Do words meaning change? Absolutely. Quick examples from Google are awesome, egregious, awful, terrific, smeart->smart, nice, wicked, presently, etc
So if someone told you that you were using a word or words incorrectly, because the agreed upon usage of that term was decided, you would accept it and wouldn't pedantically argue that point instead?