I think it’s a useful shorthand to represent a set of traits and capabilities that good developers acquire over time. Just because there are junior developers punching above their weight or senior developers who don’t deserve the job title doesn’t mean the label isn’t useful.
I do agree though that regardless of your level or the level of the person you’re talking to, you should be respectful, humble, and generous.
But the junior/senior labels definitely exist on a spectrum. I have definitely moved from a more junior place on it towards a more senior place on it over time, even if exactly where I stand on it is for my colleagues to judge.