Well yeah, but let's compare apples to apples here. A "processed" Salisbury steak you buy in the frozen section likely isn't all that different than what you would end up with if you made it yourself but the homemade one doesn't get labeled as processed like it probably ought to.

You're absolutely right that the actual nutritional content matters and there's a lot of low-nutrition food out there but the term processed just irks me because it doesn't at all capture what's actually wrong with certain types of food.