They've been fascist, by any definition, for decades.
When I went there, I saw dozens of police in full riot gear doing something in formation. There were no riots or protests while I was there. Pure scare tactics.
The Chaebols are a few families that own everything in the whole country. Oligarchs. State and corporate power merged into one thing : fascism.
The economic situation when I was there was bad - imo the worst I've seen anywhere, but I have different priorities than most people. People are locked into debt and life isn't affordable. Its the usual fiat disease, but exacerbated by strict cultural expectations.
One of their recent presidents - Moon, iirc - was a for real communist and agent of North Korea. He's on record promising to destroy South Korea and merge it into the north. Not the other way around. And he was the highest "elected" official. The Koreans I met were not fans of North Korea - I do not believe a guy like that could be elected. That means there is genuinely a conspiracy within their government to betray their country. That pres may be gone, but he didn't get there without backers.
I can partially understand, though. SK is awesome for a foreigner, but being trapped in that country as a citizen would be bad. Not as bad as NK, though.