Yes, and even in Europe. The demand-led need was badly misunderstood or anticipated in my opinion as operators were hesitant to invest (and some big ones still are). In this sense, 7G is a pipe dream (but of course worth researching as such).
The marketing guys got involved with this indicator and completely ruined its trustworthiness.
I think it's not so much a nerd thing rather than a false advertising one though.
But what do you suggest instead (on Android, a Pixel specifically)?
Ps I looked it up, it can show it if the cell has 5G even if you're not connected to that at the moment, not if the network has it somewhere.
But each provider makes different choices. They have like 4 options to choose from.
You can use a network monitor app (or the built in one but it's a bit technical) to see what you're really connected to.
In the US at least, low-band or extended range 5G is widely available and has been for some time (and I'm talking about the "real" 5G low-band, not the BS marketing speak AT&T used for a while). Mid and high band 5G, or 5G ultra capacity, is much less available but if course it only really makes sense in dense cities.
I'm surprised that low band 5G isn't widely available in most 1st world countries, as again it's been here in the US for many years now.