This is a great thread. Very useful to me.
That was the original name. And that was the original point: take cheap and nasty low end drives and synthesize a system which has performance characteristics (bandwidth and reliability) of higher cost drives. At the time there were several tiers of disks with limited crossover: at least PC (ST506 evolving towards IDE), workstation (SCSI), departmental, and data centre.
It is fair to say that in 25 years circumstances have changed. But the point you are trying to quibble with is bang on.
The lack of TLER in consumer drives is clearly intended to create market segmentation. I cannot imagine any marginal cost in adding the feature to firmware. If the market were really competitive, then every manufacturer would offer it in their consumer drives.