It may be a more accurate analogy, but its a less useful metaphor for most audiences. Most people have a useful intuition about debt that the "technical debt" metaphor leverages.
Comparatively very few people have a useful intuition about "unhedged call options" that using it as a metaphor for poor code quality would leverage.
Also, I think predictable ongoing support cost is a big result of poor code quality in production systems, so that aspect of the debt metaphor isn't completely off-base (there are also unpredictable potential costs in the future, as well, so its not a perfect analogy.)
Comparatively very few people have a useful intuition about "unhedged call options" that using it as a metaphor for poor code quality would leverage.
Also, I think predictable ongoing support cost is a big result of poor code quality in production systems, so that aspect of the debt metaphor isn't completely off-base (there are also unpredictable potential costs in the future, as well, so its not a perfect analogy.)