I don't take it as elitist at all. I understand it as simply meaning to be more selective with our picture-taking. Otherwise we're just wasting film, chemistry and time on images we'll either never print or will never be very happy with. We might burn film on things we never intend to print in order to hone our skills but at least that has purpose. Shooting something just because it's there and is an "okay image" is largely counter-productive, IMHO.
Yes, this primarily pertains to still imagery... not portraits, sports or other fleeting-moment imagery... though this can be applied to those genres as well.