Precisely. I noticed that a previous intern of mine is now an "Enterprise Architect". He's a smart dude, no doubt about it, but from zero to architect in 3.5 years? There's no way this person has the experience to be an architect. That is a promotion because the company either needed someone with that title, or because he was "paid off" to stay onboard.
Also I hate that "architect" is used as a synonym of "cloud architect". There is much more to software architecture than cloud.