It is not, because you do get a lifetime license. Of course you don't get free "lifetime updates", but you can keep using the version you have paid for as long as you want.
The fact that every single person that brings this up is met with a form of "we don't see a problem, you're just reading it wrong" is a bad sign for the future of this project.
A new term such as 'All version [n] updates included' (or something less clunky) needs to be found. At least one could Google it and understand the proposition, if its meaning was not clear - but 'lifetime license' is massively deceptive.
[1] https://reddit.com/r/4kdownloadapps/comments/1hbmdpn/really_...