Not at all. Its an acronym. A sort of tongue in cheek expression. those that use it rely on their better halves not being on the forum! I think it has origins in a UK series called Rumpole of the Baily!to be honest, i don't understand what it means, is it a dirty word?
SHMBO, it helps things along if the other half has the illusion of being the decision maker. Well at least in my household!