Unlike ninja, it actually is a descriptive term, is it not?
To me those titles imply a lot more structure than 3-5 employees who got enough venture capital to sustain business for about a year. Maybe I'm crazy, though.
Not to mention, if you are going to quit your job to build a company you don't get excited and call yourself a junior engineer. Or full stack guru.
There's no way of knowing this, but I'd be willing to bet that it's deterred potential hires in the past.
Probably 5-10 times more than what a service-person doing a very similar job in outsourced India earns.
http://nerdery.com/copresident
...but it comes from a good place in memorandum of the tragic loss of one of the co-founders of the company.
Startup titles should be jobs, not titles. Sales, Marketing, Development, QA.