This refers to a bunt with the runner on third base. Why isn't a bunt referred to as a squeeze bunt with runners on other bases? Or is it a special type of bunt (e.g. toward the first base line) to maximize the chances of the runner getting from third to home?
Although not explicitly stated, context could be used to gain insight on the coining of this phrase.
An April 20, 1905 Chicago Tribune article stated:
The first use of the term "squeeze play" can be found in the Chicago Tribune five days later when an article stated:
Clark Griffith is credited with coining this phrase. He is also credited for inventing the play, although there have been other claims that the play has been invented by others and used before this 1905 instance.
Based on the context of the phrase above, the term "squeeze" is used in relation to scoring a run. Thus, one would not be "squeezing" in a run if a bunt was used to advance base runners not on third base. A bunt with the intention of advancing a base runner (regardless of whether the batter gets on base or not) is known as a "sacrifice bunt." A "squeeze bunt" is a type of "sacrifice bunt."
Looking at the different types of squeeze bunts, the player has the discretion on whether to take his chances, before or during a bunt, to advance home. The placement of the bunt, although a significant factor, does not seem to define a "squeeze bunt" as such. A "squeeze bunt" is defined as such if the overall intention is to advance the base runner from third base.
There are two different kinds of "squeeze bunts":