I'm pretty sure "UX" was created as a term in response to the market getting flooded with stylists (interested amateurs) calling themselves "designers". I'm interested to see what you believe to be the distinction between "visual design" and "graphic design". Traditionally, Graphic design is about how it works, with how it looks (what you call "eye candy") being secondary to (but still a part of) function. This is the sort of thing you can learn if you read books instead of just reading blog posts.
And clearly, the definition of "graphic design" has been watered down to the point of irrelevance, and replaced with "UX". sure, fine call yourself whatever you want. But what makes you think UX won't get similarly watered down? The problem isn't the word itself, it's that the culture as a whole doesn't value design, including "designers". (in your language, the culture doesn't value "UX")
Of course language is designed* by its users, and for the moment, it seems that we have indeed fully rotated our hierarchy words a notch down over the past 20 years. But please let us not be ignorant of history, and tradition, and what "graphic design" actually is (Or at least.. .used to be) and that the whole totem pole of design and designers is sliding on a downward trajectory. (I blame adobe for making it look easy. you could always look more convincingly like a skilled professional while operating a huge desk sized typesetting machine and laying out magazines by hand with paper, exacto blades, and photographic color separations)
But sure, maybe inventing new wank words will prop up our careers for 5 more years. It's good marketing. it's good design, to invent words, to sell ourselves. Inventing a new word for "design" is a very designery thing to do. You can make design seem interesting and exciting again by giving it a new flashy buzzword. That will only take you so far though, until the novelty wears off, and suddenly you find everyone believes "UX" means "interested amateur who can make eye candy in photoshop" again.
* see what I did there? "Design" being used to denote the decisions involved in how something works and is experienced, with no reference to how anything looks. Imagine that.