Errr, no, the meter is telling what it sees at the point of
measurement.

=====================================

But the meter is not seeing an SWR because an SWR does not exist.

Where is the 50-ohm transmission line on which the SWR is imagined or
supposed to lie?

As you are unable to answer that question, the remainder of your
argument (which, as I say, arises because of the SWR meter misleading
misnomer) falls flat on its face.

You are an intelligent person. I don't doubt you have no problems
with understanding what the so-called SWR meter really indicates. But
you didn't learn this from observations of the SWR meter - as you
already know it tells lies!

Just to reiterate, the so-called SWR meter indicates only whether or
not the load on the transmitter is a resistive 50 ohms. If it is not
50 ohms it will not tell you what it actually is. Not that you need to
know what it actually is because you will readjust your tuner, without
thinking about it, to make it equal to 50 ohms. Which corresponds to
no deflection of the meter needle.

The TLI is a very useful and valuable device. It does not lead
novices and old-wives (who ought to know better) into false ideas, or
cause confusion and misunderstandings within the amateur fraternity.
Professionals dismiss SWR for what it is worth anyway.

Goodby to SWR except on lines where it matters and where it can be
measured. Which, in practice, are very few.
---
Reg, G4FGQ.