All definitions are arbitrary. Units are just grouped by common traits that many of the community deem to be important. Brushing a category of like this makes no sense, since the category can make sense in context. Obviously it does not mean that creating more categories is benefitial, but again, context matters.
Those "micro lights" or "super lights" share a quite important trait: They are decently countered by small arms fire. If this is deemed important for the discussion, categorizing them makes sense. A T70 would be closer to mediums in that regard than to the M3, UC or WC51. So talking about "LVs" could just create more confusion.
True, true. A lot of is as you said, arbitrary, and picked out of thin air. I think it is easier and quicker to just keep to proper unit names, if and when they are needed to refer to. There are not that many, and it avoids the need to commonly define what falls under what and redefine after each patch. And we have had forum wars about where the Panther falls into (a tank hunter/tank destroyer/flanker) or if the Puma is a flanker or a sniper, or just a super cool unit which eats T34s and T70s from any distance.
You are totally right about the small arms fire aspect: it is that which properly distinguishes the units. But I still think that doctorinal units are allowed to stand out from the crowd with unique gameplay stuff.
Anyway, that's my offtopic rant.
On-topic: I faced a WC51 earlier! Probably people from this forum trying the commander out. It didn't do anything but it tried to flank my MG, which was cool. But it felt like the good old soviet M3 pioneer truck, same tactic to counter. Whoever that was, show yourself!