ELI5: Why do universities call them placement rates?

If I'm posting in the wrong place let me know, but this has really been confusing me lately...

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I attended a top rated masters program with a "99% placement rate". Of course, it was referring to percentage of students finding jobs by graduation but we were definitely not placed there. We were connected to recruiters and then pretty much told "good luck" so you could hardly call it a placement. So why do schools refer to this as placement rates? I know my school isn't alone in calling it this

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