Fewer lines of code are better if functionality is constant. But that doesn’t make code debt. By that logic, factories, employees, equipment, processes, and policies would also be debt — since fewer of them would likewise be better if revenue stayed constant.
Code is fundamentally an asset: it generates revenue, scales with near-zero marginal cost, and embodies intellectual property. Like any asset, it carries liabilities. Well-designed and reliable code behaves like a productive factory; buggy or hard-to-maintain code behaves like debt, draining resources instead of producing returns.