The term made perfect sense when used as a joke -- e.g. cyberpunk is the current fad, what do we call our Victorian SF? -- or when the fiction in question had a cyberpunk ethos mixed with Victorian technology -- as in The Difference Engine, where "the street found its own use for technology."
It doesn't make much sense to label fantasy plus giant clockwork devices as steampunk.
It doesn't make much sense to label fantasy plus giant clockwork devices as steampunk.