Do you think "playing hard to get" is a euphemism for "doesn't like you?"?

I have never played hard to get or seen someone else do it, so I'm starting to thing the occurrence is greatly exaggerated. Like when people say that a girl is playing hard to get when she says no to a date. What would be the point of that? If a girl says no to me, I just move on. I don't see the point of badgering someone that isn't feeling me.