I would say, toxic politics is also just the bad politics the OP is talking about. Basically by the definition of the OP, I think pretty much most populism qualifies as bad politics. Politics beyond the workplace can work very similar to the one within. I know people who did 'good politics' within their work context and were asked to actual enter local politics. IMHO this is the best case. While I guess we also need career politicians, I see the biggest value in people that enter politics at a later stage.

To me, "populism" in the workplace shows up as pitting two groups against each other for personal gain.

I've seen it way too many times, from the engineering side: isolating engineers so they don't see decisions, and then blaming them to external stakeholders when something fails.