"Article footer citation" is semantic in a language that describes structured content, while "big red button" is semantic in a language that describes design.
It does make perfect sense; for example, you may want to reuse the appearance of a nav bar button some place where a .nav-bar-button class would look strange, and the nested selectors that most popular frameworks use make this impossible (requiring .nav-bar-button to be a child element of .nav-bar). I went pretty far down this rabbit hole a few years ago before pulling back a bit recently. It's a very appealing concept, but in production you often run into corner cases where your basic display classes cause unwanted cascading (especially when wielded by users without a deep knowledge of CSS), requiring you to write a bunch of reset utilities with !important attributes. It's also ungodly messy, as a lot of people point out, and refactoring can be a nightmare when you have to grep for class names like "right" and "text" over dozens or hundreds of templates.
I've since settled into a pattern of using generalized module definitions (list-module, list-module--header, list-module--separator, etc), which is verbose but creates highly portable and maintainable classes. The few presentational classes that I do still use regularly are for white space (padding, margin, defined in short class names like .ptm for padding top medium, a convention borrowed from Nicole Sullivan's OOCSS libraries), and a contextual color palette (.box-warning, .text-danger, etc). The best of both worlds approach is to use a large library of presentational classes as sass placeholders (%color-scheme-inverse, %clearfix, etc) and @extend them where required. This does generate slightly larger CSS files but if you are properly modularizing your style definitions it shouldn't be an issue. The stuff that semanticUI is doing looks great and is a step in the right direction, but way-too-generic class names and lack of namespacing are a constant source of bugs (along the lines of putting all of your variables into a single global scope and using names like 'first' and 'finished').
EDIT: for clarity.