It is a word because people keep using it. That's where words come from. Apart from the number of characters, it is no better or worse than other words/phrases having the same meaning. Sometimes the precise meaning is clear from the background context. Sometimes additional details need to be supplied outside of the title or bullet point where it is used.
What does "it" mean above? Devoid of context, it could be just about anything.
What does "it" mean above? Devoid of context, it could be just about anything.