Au contraire, it's a simple phrase to describe all sorts of basic steel frames often labelled to try to make them seem more than they are, Hi-Ten yada yadda. It doesn't imply there's anything wrong with them.
We'll just have to differ on this one then. But I have come across many nit-picking bores who have nothing better to do than 'look down' on lesser machines simply because they are not either Italian and/or crafted from some exquisite 531 tubing or similar...
Honest to goodness old bikes like this are well worth preserving and for the most part would be forgotten about and consigned to history. I for one I find zero appeal of any Italian stuff, Colnago et al leave me cold. They simply do not appeal to me, however thats what makes the pastime more interesting as we all had differing tastes. I remember a while ago a particular individual, obviously of great cycling knowledge and pedigree but with head firmly up arse laying into one of my 1970s Carlton with snide and greasy pleasure saying he could no conceive how such a low end machine should win a particular forums 'Bike of the month' competition and then went to bore everyone with his thesis on the subject of gas pipe...
Suffice to say I have come across this term much since then, normally when someone wants to 'land a hit' and noise up a fellow cyclist!
Anyway this is getting a bit off topic, I look forward to see how this build develops!
(BTW - Im not implying you are a nit-picking bore, I have a very definite person in mind when I use the term!)