[Isamu]

> it isn't a misnomer as you suggest

Just saying HDR should refer to the process. The output photo, as you say, only has a normal dynamic range, compressed from the inputs.

[ska]

meh; It's an informative name that absolutely does refer to the process, and gives you some information.

Your preferred approach isn't objectively any better (all kinds of processes could result in higher dynamic range outputs, some of which are arguably "cheating").

So what we have is a reasonable choice between imperfect alternatives that are mostly equivalent - but that choice is made now and far better to get on with it than quibble about it.