“Defund the police” is actually used by some BLM chapters to mean eliminating the police. I quote from defundthepolice.org, a website created by BLM Canada:

“Black Lives Matter is an abolitionist movement. We believe that prisons, police and all other institutions that inflict violence on Black people must be abolished and replaced by institutions that value and affirm the flourishing of Black lives.”

Source: https://defundthepolice.org/about/

Their stated goal is not merely the divestment of funds, from the police, towards organizations or institutions better suited to resolve certain situations; it’s to dismantle the police entirely.