That's exactly the way that I understand this meme as well. I love working on frontend and backend myself, but the term "Full Stack Developer" is too often an excuse for a company to invest too little in people and then expect too much of those few "Full Stack Developers".
It's also about the reduced value of of "just" being a Frontend or "just" Backend developer. Yes most of us know both sides, but there's always one side that you're currently much more focused on.
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