This is a type of term that has been coined that means that people are coming forward in order to openly accuse some powerful men of their indecent behavior. Harvey Weinstein is one of the most recognizable names in Hollywood not because he is an actor but because he is a producer.
Some have come forward stating that they were threatened and forced by Weinstein to do things that they did not want to do. Since he was accused, more and more women and men are coming forward regarding the abuse that they have received from other powerful men.
How current! Just as the Me Too wave hit popular attention, the Weinstein effect refers to some attention-seekers naming a popular celebrity or famous person and accusing them of sexual misconduct. There has been a deluge of accusations since Weinstein. It seems no male celebrity can be certain of avoiding this.
It is awful for a person to suffer sexual abuse from someone in a position of power. It is just as awful for an innocent person to be accused, especially if there is absolutely no foundation for that accusation.