Hmm... I can't agree. "Business value" is a useful term for describing sources of value beyond revenue. It's extremely fluffy and usually unmeasurable, sure, but it's still a useful way of talking about things that are worth doing that don't produce revenue, such as competitive differentiation, market research, brand promotion, philanthropic efforts, and relationship building. For software that doesn't produce direct revenue (the majority, in my experience), what better term is there?
I don't know why you say business value is actually about power dynamics, unless you mean that people use the term to promote their pet projects. If so, I think that has more to do with human nature than the term "business value."
