The problem with this usage is that it is the exact opposite of the
usage of the two terms in project management.[1]
A program is a large, overarching project that consists of multiple
projects. A program manager is a PM over many projects that have their
own PMs, etc.
If we use this language backwards from the way the rest of IT uses it,
we're more likely to foment confusion.
[1] I just made Jeremy's blood pressure go up a few ticks, but recall
that there are always useful things to learn from a discipline even if
you don't adhere to it.