This page discusses why Minitab does not compute $R^2$ for nonlinear regression. I understand that calculating $R^2$ between the response and the predictor ($y$ vs $x$) is not justified. However, is there any reason why calculating $R^2$ between the response and the predicted response ($y$ vs $\hat{y}$) is invalid?
(I know there are other goodness-of-fit metrics that may be better suited for nonlinear regression, but in this case I'm interested in $R^2$.)