If this is a statement about what it is claimed to do, what it is sold for, what its purpose is, I think this is factually incorrect. I have here a can of WD-40 "multi-use product", which is the stuff in a blue and yellow spray can that is not labeled with any special use. On the back of the can it says:
LUBRICATES moving parts such as: Hinges Wheels Rollers Chains Gears
PROTECTS against rust and corrosion on items like: Tools Firearms Sporting Equipment
PENETRATES to free stuck, corroded parts, like: Nuts Bolts Valves Locks
DISPLACES MOISTURE to restore wet or flooded equipment such as: Engines Spark Plugs Power Tools
From the WD40.com web site:
Myth: WD-40 Multi-Use Product is not really a lubricant.
Fact: While the “W-D” in WD-40 stands for Water Displacement, WD-40 Multi-Use Product is a unique, special blend of lubricants. The product's formulation also contains anti-corrosion agents and ingredients for penetration, water displacement and soil removal.
If you are saying that it is such a bad lube that people shouldn't even think of it as a lube, well, that's the kind of opinion we're looking for here -- but better to be more clear that this is opinion and isn't quite literal.
By the way, there are other products they sell under the WD-40 trademark that they consider "specialist" products, one example of which is "contact cleaner", and another example is "degreaser". These are kind of the opposite of lubes in that they will remove any lube that is already on something. But these "specialist" products are pretty clearly distinguished by their labeling.