The question is not what you call it, but what you do about it. If we had a temporary pandemic-induced price crash and then everything returned to pre-pandemic

The question is not what you call it, but what you do about it. If we had a temporary pandemic-induced price crash and then everything returned to pre-pandemic normal, then the answer is probably "not much". But some people are concerned that this is the start of a crisis and want the Fed to raise interest rates. Deciding between those two very different policy outcomes is the important thing here, not quibbling about semantics.