Why Model Based Design (MBD) definition is so much different than how it sounds?

Model Based design to me means, Developing a final design/product based on the model which was refined over a period of iterations/simulations. So we basically have an idea and then we make a model(virtual/software illustration) out of it and then we refine it till meet our requirements and we finally baseline it and go for development of end product. But i did not find this definition anywhere, May i know why & why people are so biased to use MBD only in terms of Autocode generation and controller design?