Lanefan
Victoria Rules
That's roughly how I'd always interpreted 'min-max' also - reduce the weaknesses to a minimum and enhance the strengths to a maximum.I actually try to avoid the term, when possible. It has too much baggage associated with it. The value-neutral synonym I prefer is "optimize".
Historically, though, I'd heard that the "min" part referred to minimizing your weaknesses, so not having any weaknesses would be the logical end-game of that. It's just that most systems don't give you much room to optimize without accepting trade-offs.
And personally, I see 'optimize' or 'optimizer' as the terms that represent the hard-core types who are trying to break the game to their advantage (bad), while 'min-max' is a lesser version usually involving sensible choices both in and out of character (usually not a problem).