Whereas IC having its own identity means it has many positive connotations. "I'd much rather be an IC, so I can get things done" etc. You can still be very senior without having direct reports or having to do line management, often seen as a necessary evil.
ICs are generally considered highly valued staff.
It's a relatively common term. I wouldn't read too much into it.
I'd rather not have by ass kissed with a term like "everyday innovator". -- "Individual Contributor" is fine.
E.g. If you aren't an SME or a Manager, then why are you in the meeting?
(SME encompasses PM and BA roles, as they too should be experts in their domain and ideally on the domain we are working on.)
If, instead, you would be Tom, Bill and Biff, there is a risk that the manager would build attachment, and make it harder to treat you bad. If you're IC1, IC2 and IC3, you can be exchanged like machine parts when you break, without anyone crying.
Welcome to the modern world! =)