He made a convincing case for why its like "debt", but he fails to make a convincing case for its use, or any case at all that using the term has a positive impact on a team's success.

He even calls out that some teams think they don't have to pay back the debt. I think that is the norm, and that's the problem of debt. When financial people use debt, that debt comes with structure and consequence: it might be monthly payments or it might be due sometime in the future. Offer such people a "debt" that has nobody enforcing it, nobody quantifying it and of course it wont be paid back.

Agile engineers making scary "booga booga" noises about "we need to refactor" just don't carry the same weight as not being able to make payroll because your note is due. And yet that seems surprising to engineers.