I call my girls princesses, because they are my princesses. I used to dislike the term, but Ive had a change of heart over it. I also cannot stand the idea of making girls wear pink and boys wear blue, I dislike that boys are defined as being rough and tumble, dirty, 'feral' children. Gender definitions suck.
We don't define princesses in our home as the hollywood 'princesses'. It is also not a term defined by beauty or fluffiness, and someone lacking character. The term princess in our home means strong, intelligent, independent, kind hearted, community minded, honest, caring, loving, confident. The princesses that my girls know of are this and more, so are my girls for that matter. According to my girls, I am the queen and dh is the king of our family. If we had a boy then yes he would be our little prince.

In so many cases, the definition and meaning of a word or term can be either positive or negative and what determines that is at the way it is seen.

I will admit that out of 3 girls, we have one shirt (size 1 or 2, fitted the 2yr old tantrums at the time ) that refers to them being a princess in training, otherwise nothing else refers to them as being princesses.