True, I still use it to designate the short-TSLA/anti-TSLA crowd which tirelessly uses this argument despite the evidence that it is false. As for the chances of Tesla going under being slim to none at this point, which I agree with and believe explains (partly) the stock's repricing, I think it's still a popular argument for the die-hard Tesla shorts à la Einhorn.
Maybe the valuation is a bit steep, sure. But there aren't many reasonable arguments left for the company going under, apart from perhaps investment overextension due to some future initiative, or some magical and incredible accounting fraud.