I fly fish with indicators all the time and have no illusions about the terminology, methodology or make any apologies about using them.
It is a very effective way to fish sub-surface, especially on really small streams where a deep hole is two feet and a suspended fly is the ticket. Most often I use a plain piece of yarn looped on my leader. (is that still a bobber?
) and sometimes a foam football type. Not to mention, a tiny peppercorn sized piece of Strike Putty on my leader about 10" - 14" above a size 24 -32 midge pupa is one of the best ways I know to fish those dinky flies in moving water that isn't perfectly flat & slow.
I also bait fish with bobbers and I still find it one of my absolutely favorite ways to fish, period.
BTW - Bass pros & amateurs refer to their lures as "baits". Would the crowd that snickers at the term "indicator" be upset if the folks that use the term indicator, stated calling their flies baits...?