I was trying to articulate to myself why calling it champagne feels like self-deception. And the reason is that to a SE all software is broken, buggy, slow, incomplete, has the wrong feature set, and is not extensible. To us software gets shipped when it stops giving us cold sweats.

For a PM to assume that the product ever becomes champagne feels very naive.

I think it's sort of the opposite. You're saying that your dog food is of such high quality that even the CEO will eat a can of it. You're saying you hold your product in high esteem, not that you have low self esteem.