To my knowledge, exit velocity has only ever been the speed of the ball immediately after it leaves the bat. They're definitely using the term "velocity" incorrectly -- it should be exit speed (just one more reason I hate hearing announcers use the term).
MLB defines it thusly:
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Exit Velocity measures the speed of the baseball as it comes off the bat, immediately after a batter makes contact. This is tracked for all Batted Ball Events -- outs, hits and errors.
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https://www.mlb.com/glossary/statcast/exit-velocity