You know what, Ken? If they're publishing someone else's book, then hey -- they're indie publishers, but that doesn't mean that their own books are indie published.
I'm a big believer in self-publishing, for some books, for some writers. I'm downright enthusiastic about E-books. I'm mostly hugely enthusiastic about writers finding their voices and finding joy in writing and in finding and speaking to readers, through their text. I've got no criticism for the choices people make around how best to do that, for themselves -- whether thats smashwords, a blog, a column in the local paper, or shooting for the NYT bestseller list. It strongly suggests that you've been published by a small press -- not your OWN small press --and that's an entirely different kettle of fish. One of the first things we look at, when investigating tiny publishing companies, is whether they only or primarily publish their own books or acquire other people's books and publish them -- and how well they publish those books.
But if you publish your own book, you self-published it.
If you have your own tiny publishing company and you put up the funds to publish and distribute someone else's book, then sure -- that book is indie published. But your own books are still self-published. That's NOT an insult, by the way, so I'm perplexed as to why people want to act like it is. It's a simple statement of fact. To call your self-published book "indie published" is misleading, inaccurate, and borderline deceitful, quite honestly.
It's language abuse to start trying to appropriate words that already mean something specific, just because you think it sounds better to say "I'm an indie author, my book is doing awesome!" than to say "I self-published my book, and it's doing awesome!"