The word has value but 'no counterplay' is just a silly and generally inaccurate statement to make. Usually what someone who says that means is "I can't just pick a certain champ and buy certain items to win a duel without regards to any sort of skill".
These people are only satisfied if hard counters exist. In any world where a champion can still beat them if the other player is better than you, they will complain. These are the people who pick malphite into riven, die level 2 because they q'd a minion for cs and got jumped on and then missed their melee aoe attack, die when the enemy riven hits 6 and all ins them when they're 5 because they whole reason they picked malphite was so that they didn't have to respect riven ever, then try and fight riven a again a few minutes later when they finally have their ultimate but lose because they miss their ult. Then they go to the forum and complain that riven is op because they played 'counter' and lost anyway despite being out played at every possible opportunity.
To them a 'no counterplay' champion has nothing to do with interactions that go on between champions, decisions making, or strategy and everything to do with if it's possible to make a champion select or store choice that can make them irrelevant.