yeah my best guess is that "i" for "icon", it's a good use, from the w3c "their use is discouraged in favor of style sheets." so I guess it doesn't really hurt no one, but the purists, or am I wrong?
Bootstrap is kind of aimed for HTML5, and "Font Style Elements" form HTML 4.01 got a new life in this spec (including previously deprecated S and U), with redefined semantics. Using I for icon is still wrong even by new definition.