Why do you call it a homelab?

From all the posts I see daily almost nothing falls under the umbrella of a homelab. I see all those huge racks with all lot of industrial hardware, dosens of hardrives or switches, draining kilowatts of power per hour. Those are infrastructures that happened to reside in your basement. My home lab is an N100 cpu board that I dont even have a case for and I mounted it on a carton, disks are attached and are just hanging next to it. I have a second build on q1900 for an offline NAS, and a third one from some old pc I got from work where I host offsite backup to get 3-2-1. What do you do to afford those "homelabs"?