That's the one. That's basically short hand for "you don't need to do anything really well, you just need to do everything barely good enough to ship it now".
The sad bit is that many full-stack developers are actually better that specialized developers in respective skills. (unless of course they are JS/Node.js types)
Which really means "OUR stack developer, being a subset of the full-stack in our particular narrow domain, going as high as we go, and as low as we go".
I agree and that's exactly what job adverts should say. Spell out the stack and the amount of experience required. None of the nonsense with vague phrases like "full-stack developer".