This might just be me as I remember rolling my eyes the first time I heard about "cloud" and I still think it's just somebody's else computers. Don't start me on "private cloud".
I find IaaS, PaaS and SaaS, WYSIWYG, etc a lot more accurate.
The server or the code not being visible to you and the fact that you can't work directly on them does not mean they do not exist. You just buy/rent an abstraction on top of them and you are still very much paying for the servers and the code. The server infrastructure still has < 100% SLA, the code still has bugs, etc.
Modern cars require pretty much no setup or maintenance of the engine by the driver. The engine is mostly successfully abstracted away. Would it be accurate to call modern cars "engineless"? Using a Taxi or a furniture moving company does not require you to own a car. That's the point of those services. But nobody describes those things as "no-car".
All this might seem as nitpicking but I don't think it is. I think the terms are intentionally misleading. What is your sentiment?