Well when I think of a minnow bait, for me it all started with Rapalas and there floating versions that only dove a verys shallow amount, yet I basically combined them as a crank and a twitch. Then for me along came Smithwich Rogues and Rebel Long A's and these were pretty much only twitched but some versions went deeper, but while they still had that 'minnow' shape they were mostly called jerk baits.
Well along comes the suspending versions of Rouges and Long A's as well as the influx of Japanese baits that mostly suspend and the 'Jerk Bait' acronym pretty much stuck with these baits. The shapes changed some also to create a little more random action when twitched or jerked and pause during the retrieve.
So for me jerkbaits suspend and minnows float, well kinda sorta.... because some jerkbaits have the classic minnow shape.