I am in agreement that Olympic fencing fits the definition of martial art, and to exactly the same degree as the current derivations and evolutions of combative systems continue to enjoy uncontested entitlement to the label. I would also offer that I believe rigorous training in swordsmanship cultivates a strength of character that little else will address.
In the interests of fanning the flames of discussion, I would offer my article titled To the Point and a recent additional item, A Sabre's Not For Rattling.
Try riding horses. A sword doesn't have a mind of it's own, it's takes great stength of character to become a top class equestrian. I'm not even getting into all the other occupations/pursuits that will give you strength of character, swordsmanship is only one of many. Swordswomanship too I imagine.