Very true. I regularly get it on $500k-$2m projects, that's probably considered small. Of course it's caveated to hell with talk of "projection", "risk", etc. But that's part of my job is asking questions so I can anticipate whether they can execute on this or if it's perhaps some ambitious low bidding techniques.

FWIW, I also don't work in tech. Finance/accounting/management consultants are my world. I could definitely see how software/tech is more ambiguous by it's very nature.

This is very true. The more ambitious the scope is, the more difficult it is to provide a bid in that format. Also, expensive engagements are priced on perceived value anyway.