[1] The term is named after the man who invented it, Earl "Madman" Muntz, a car and electronics salesman,[2] who was not formally educated or trained in any science or engineering discipline.
Muntz expressed suspicion of complexity in circuit designs, and determined through simple trial and error that he could remove a significant number of electronic components from a circuit design and still end up with a monochrome TV that worked sufficiently well in urban areas, close to transmission towers where the broadcast signal was strong.
He carried a pair of wire clippers, and when he felt that one of his builders was overengineering a circuit, he would begin snipping out some of the electronics components.
He would repeat the snipping in other portions of the circuit until he was satisfied in his simplification efforts, and then leave the TV as it was without further testing in more adverse conditions for signal reception.
[1] As a result, he reduced his costs and increased his profits at the expense of poorer performance at locations more distant from urban centers.