Yes. The term refers to budget and publicity, not to how good the movie is.
What is The Good, The Bad, & the Ugly doing here? It's got far too much style to be considered a "B-movie"...
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Because, well, at it's time it was. "Spaghetti Western" was a derogatory term used to refer to Westerns produced in Italy. At the time this was considered silly and un-American. The Good, The Bad, And The Ugly has style, sure, but it still has many B Movie elements about it.
"B-movie" isn't necessarily an indication of quality, there are some very good B-movies, and quite a few with a lot of style. Just look at that list: it has some true classics.
What are the qualifications for something to be listed on this trope? I know of a independent horror film that was produced in my area. I was not involved, but it looks like it may be a B-Movie horror romp. And by 'independent', I don't mean 'made by a community college'. A dude shelled out cash to have his screenplay turned into a film. It's still at B Movie level, though... I can link a trailer, if anyone wishes.
Should we maybe have a special folder for in-universe examples?