I think the real problem of this piece is that it flatters nontechnical managers, as businesspeople, by describing technical debt as a sensible business decision they can get into consciously through clearheaded negotiation with their technical team; then characterizes 'bad code' as something different, that happens when the technical team just don't do their job. This alleviates the nontechnical manager of any responsibility for bad code. The fact is that knowing about technical debt is not necessary to find yourself up to your neck in it. A team which goes for years taking shortcuts, being forced to hit unrealistic deadlines, or which lacks the skills to really build a good, robust system, is like a kid with a credit card who doesn't get that just paying the minimum payment each month isn't going to work forever. Every shortcut they get asked to take, they swipe the card, and they get to walk out of the store with the goods, and it seems to just keep on working; thousands of dollars worth of stuff, and they just have to pay a few hundred each month. It's magic!
But the consequences will show up in the end, either in the form of a long period of hard graft to pay it down, or declaring bankruptcy and abandoning the codebase.
That's why I love the technical debt analogy - different people manage financial debt differently, and most businesspeople understand the concept that planned debt is necessary and beneficial for growth; arguing that Ward Cunningham and the author don't think you should call other technical debt by that name seems petty, and not particularly useful, when extending the analogy to runaway debts works so well.
Overall the problem I really have with this piece is that if I tell a manager "This project is carrying a bunch of technical debt," now they'll google it, find this, and come back to me with "You mean it's a pile of bad code." Which is true, but how does that help us? When I make the argument that a troubled project needs to pay down some technical debt, I'm trying to make clear that we need to start paying off more than just the minimum payment every month. If the technical debt analogy is removed from the table, I'm left with just saying the team needs to replace the bad code with good code. And then they'll tell me that this piece also told them that the 'big rewrite' was a bad idea too... So how has this helped?