So I say that it's a supplement rather than a replacement because it's not replacing a balanced meal. It's supplementing protein. A single protein shake can give a sedentary person almost 100% of their protein. That's great for active, athletic people who have higher protein requirements. Not great for sedentary people who have lower protein requirements.
What?
Even on keto or no-carb, you still only get 30% of your calories from protein (same ratio as a non-keto diet, BTW). If you were to drink protein shakes all day you'd get 70% of calories from protein. The keto diet does not change the ratio of protein you consume. It only replaces carbs with animal and vegetable fats.
Too much protein is not good for you. It can damage your kidneys. It also causes weight gain, digestive issues, bad breath, and other things.
So again, I say that those shakes are a supplement, not a meal replacement, because they're not balanced. They're great for athletic and active people, because the more active you are the higher your protein requirement is. But a typically sedentary person should not use high-protein shakes as a meal replacement.
Meal replacements is a well-defined and established category