Rand wrote an interesting post on the topic this week: http://www.seomoz.org/blog/the-responsibilities-of-seo-have-...
There is still the point that my work is done through the lens of improving organic search traffic. Google has just changed to include so many factors, it's much closer to just building a great inbound or web strategy. There are also details that are search specific, that it helps having someone on top of those details, because they can have major impacts. So, at least for now, SEO still works as a title, especially when that's the service people know they need.
I find it equally frustrating that there are people out there pitching meta tag optimization as "SEO" and reducing the perceived value of what I do for a living.
And it's still possible to manipulate the search engines, and lots of companies do it, but that's not actual marketing.