Language has a built-in defence against this though, and it's the well-known 'literally-mill'.
Whenever a word is inflated, it loses its 'literalness value'. Literalness is the value of words. The point is that language has two functions: denotative, but also, so to say, manipulative. Whenever you use a word, for instance 'hate', you not only mean by it, but also teach other people that, well, it means what you used it to mean.
So whenever you use 'hate' to refer to what's just dislike or 'hateful' to refer to simple disapproval or 'hate speech' to refer to simple criticism, you are sooner to later going to break the word 'hate' because you are going to necessarily teach people that it doesn't really mean anything. This phenomenon is egoistic: through using hyperboles, you enjoy a short-term benefit in the sense of winning your audience's attention, but ruin the word for anyone else. Conversely, verbal restraint is altruistic; when you only use words like 'love' sparingly, superficial people may pay less notice to what you say, but you empower (I do enjoy this rare occasion to use this term properly) other people with the ability to convey a lot of emotion by using them, because you're keeping them rare. In this way, language is a highly moral area.
Sooner or later, people are going to notice that this inflation has led to a gap when it comes to describing true abhorrence, loathing, detesting. And since language hates (literally…) vacuum, people will either coin new words to replace 'hate' or, more often, just use 'literally': 'I literally hate this'. (What they're probably least likely to do is to use a synonym, but sadly, while 'language will always find a way' so to say when it comes to describing things one sees before one's eyes, it's definitely possible to degenerate people's vocabulary; one's capacity to express oneself and one's vocabulary are not the same thing, and the latter is far easier to damage.)
Of course, yes, 'literally' also suffers from this, but the self-healing process has happened with respect to 'literally' too: search for 'literally (yes, literally)' or 'literally, and I mean literally'.
tl;dr while OP's initiative is praiseworthy, don't worry; that S.-W. 'hypothesis', newspeak, and such are not really possible to happen. In fact, the former is simply a social push to make people care less about linguistic preciseness because 'it's all relative anyway'. Don't pay much attention to it.