I agree the naming/labeling thing is tricky. We have a friend who brings round 'vegan cheese' when she visits; living in the EU, I'm surprised this labeling is allowed. Is it OK to label vegetarian things as 'beef'?
On the other hand, 'beef substitute' doesn't sound terribly appetising.
But we are all familiar with 'peanut butter'; I'm sure someone more knowledgeable can explain what is and is not allowed.