I've always hated the term. Engineering implies that if you fuck up, people will die. If developers fuck up, people may get mildly inconvenienced.
Lots of software falls into that category too. If software on the airplane fucks up...
Outside of fully autonomous systems like Bitcoin though, there is always (I can't think of a situation that there's not) a human to accompany the software in the case of such a malfunction. In which case we're back to human is mildly inconvenienced and if he fucks up, everyone dies.
Though, I do see your point. There is certainly a gray area to be explored.
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