No -- as mentioned before, "The Blip" refers to the 5-year period between the Snaps during which half the population was gone, because when they returned, it felt like just a momentary blip from their perspective even though five years had passed for the other 50 percent.
In the context of how the term 'The Blip' was coined, it absolutely refers to Bruce's use of the Gauntlet, because the verb form of the term is 'Blipped' and refers to people suddenly reappearing.