The process of removing components from an electronics device so that it is left with the least minimum components required to work.
The term Muntzing, made popular by Earl William “Madman” Muntz (January 3, 1914 – June 21, 1987) [Link to his Wikipedia Article]. He made and sold cheap TVs which used only 17 vacuum tubes instead of the then-common 30 tube TVs, his process of removing components made him quite a profit as he could target the low-spenders with his cheap appliances.
I sort of do the same whenever I am trying to copy a project or clone something, try to understand what each component, jumper, connector, etc does and then keep on removing the things which are not needed, provide un-needed added functionality or is just there for the safety. Though I put back in the safety mechanisms but sometimes I get away with no-safety at all.