While my job title isn't made-up, I've noticed the same. I've also noticed that very few people actually like LinkedIn -- my colleagues and I only use it because someone convinced us all that we need to be on it. I'm starting to feel more stupid as I realize what I just wrote...
LinkedIn is well known for their use of “dark patterns” in the past, so yes they are probably lying.
The customers of LinkedIn are recruiters. Over time they have removed most of the value for anyone else.