Being a blockchain enthusiast and fairly experienced in the "Web3" crytpo space, I have to say I've not heard the term used widely.
However, the amount of scams and security incidents occurring in that space is alarming. Not so much through new and improved methods either, simple scams and crimes that occur in everyday life, are done the same way. It's just that there is little to no regulation around the space and it comes unpoliced.
I can't say i'm surprised that the "Pig Butchering" things are showing their heads above the parapet, after all, it's effectively the classic catfish scam but at a larger scale, at least to some extent.
Anyway, in answer to your question - Yes, the name is chiefly used to sensationalise the act, therefore raise the issue, albeit a little too dramatize for my taste.
The fact is, it's an act of fraud that allows the attacker to relieve you of money via cryptocurrency. Smells a lot like the "I need Amazon gift cards to pay for hospital treatment" situation to me, just at a grander scale.