It’s pretty much the exact opposite of supply chain management because the supply chain behaves perfectly. There is no uncertainty.
I agree that the game is not trying to be a market simulator however.
It's definitely a supply chain problem, but the way it is solved in Factorio (i.e. build a mine and a conveyor belt) is different to the way it is solved in reality (create a spec for the iron plate, a procurement process, contract negotiations, raising purchase orders, organising freight, managing compliance, all of which may be split across different teams). Then the iron plate company probably has the same thing to do for the iron - they probably don't own the mines where the iron ore comes from, so they also have to procure, contract, raise PO's, organise freight e.t.c.
So in reality, SCM is usually more about managing all those relationships and contracts rather than getting involved in end-to-end optimisation (which is sometimes done, but the details are the responsibility of another company - i.e. if a car company needs more bolts, they don't get involved in considering where a mine needs to be opened).
There is an entire contracts negotiation side to it. Which is really fuzzy and filled with all sorts of intentional inefficiencies (price-wise) brought about by competing interests and incentives.
Don't we call that "production systems engineering"?
(e.g. automated production has a bigger focus on cells, robotics and in-line production, while logistics automation is often more about automated storage and retrieval systems, sortation, piece-picking systems etc).
There is a huge crossover though.
Naively, it seems like it's queues with variable delays all the way down.