I think it's a question of whether you view design as an art or an answer to a problem.
As one of the engineers, I think it's pretty clear where my sympathies would lie, but I can recognize that others might find the latter to be too reductive.
I'm not sure, I like the "market relevance" component, because while it approaches the idea, it potentially boxes in design as exclusively a market activity while non-market design is incredibly common. Maybe I'd phrase it as "Design is about how well the user's needs are met and with how much impact."
I guess you could see it as a combination of Norman's Design of Everyday Things and Emotional Design.