By virtue of containing the root "corp," it will bear resemblance to any word having to do with bodies, be they human (corporeal) or social (corporation). However, the word "decorporation" seems to have very specific legal and medical uses. I suspect that this is a malapropism that shows us just what a phony the guy is. (Indeed, don't they show he wasn't truly committed to "ascension?")
I really liked his whole thing, because it made so much sense. "It's hard to stand out in Starfleet." I would imagine so! There must be millions of active Starfleet officers and enlisted. O'Connor was enterprising in his own way and hadn't really thought his plan through, but must have been doing something 'right' for ascension to actually activate with that slight amount of personal growth.