So named; called by such a name, with a very strong connotation that the item is not worthy of that name
You use so-called to indicate that something is generally referred to by the name that you are about to use. a summit of the world's seven leading market economies, the so-called G-7
You use so-called to indicate that you think a word or expression used to describe someone or something is in fact wrong. These are the facts that explode their so-called economic miracle