A transpiler to me focuses on having to change or understand the code as little as possible - perhaps it can operate on the syntax level without having to understand scopes, variable types, the workings of the language. It does AST->AST transforms (or something even less sophisticated, like string manipulation).
In my mind, you could have a C++ to C transpiler (which removes C++ constructs and turns them into C ones, although C++ is impossible to compile without a rich understanding of the code), and you could have a C++ to C compiler, which would be a fully featured compiler, architected in the way I described in the start of the post, and these would be two entirely different pieces of software.
So I'd say the term is meaningful, even if not strictly well defined.