It doesn't hold a monopoly on the concept of a federation, but it does (as far as I know) hold a monopoly on the association of "fed" = (federal) police in people's minds.
Intriguingly, "fed" is British youth slang for the police despite Britain not being a federal state and there being very few national police. A US cultural import, presumably.
The US holds no monopoly on the concept of a federation. Germany (Föderale Bundesrepublik) is one too, so is India or Russia.
It's the first time I hear someone take offense with the name. I think it's nice honestly, captures the essence of the network well.