As there are several patents, published studies, IEEE papers and thousands of google results for the term, I think it's safe to say that many people do not agree with your interpretation of the term.
Lossiness definitely matters when you’re doing forensics. But not for consumers.
If you just want to bop to Taylor who the fuck cares. The iPod ended that argument. Yes I can be a perfectionist, or I can have one thousand songs in my pocket. That was more than half of your collection for many people at the time.