Agreed, but sometimes it makes sense to include the site name. For instance, on a project's page like "Acme" adding "Acme | SiteName" provides more context.
It’s called the pipe in computing circles because we use it to “pipe” output from one command to the next on the command line. But IIRC it exists on the keyboard from back when it was needed to draw borders for tables in the typewriter era.
https://i.imgur.com/FiFKomt.png