The s is for "statically linked". Binaries that run early enough in the boot process that /usr/lib might not be there yet.
My system does it like this.
/bin - static linked basic user commands
/sbin - static linked system commands (incl. important daemons)
/usr/bin - dynamic linked user commands
/usr/sbin - dynamic linked system commands and system daemons
/usr/local/bin - user commands installed via package
/usr/local/sbin - system commands installed via packageSo, I suppose it's really both. The statically linked shell would allow you to upgrade the shared libc, for example. Which is both "system" and "static" related.