The term emerged in addiction treatment settings, describing the partners of people with alcoholism, and has since widened to any relationship in which one person organises their life around another's state.
The core is not caring — caring is healthy. The core is depending on the caretaker role in order to feel worth something. Hence the recognisable pattern: enormous difficulty saying no, intense guilt when attending to yourself, a sense of being indispensable, and a growing tolerance for behaviour you would accept from nobody else.
An uncomfortable part: repeated help can sustain the very problem it tries to solve. Covering someone's consequences postpones them, and postponed consequences are the main reason an addiction persists.
The term is not a diagnosis and appears in neither DSM-5 nor ICD-11. It is a useful clinical description, but used as a label it quickly turns into an accusation aimed at the person who is trying to help.