I don't agree or disagree with it, so don't argue with me, just trying to explain how people use it today.
However, ASCII is not a random ancient word, it’s a ratified standard. Would be like calling any datetime format “ISO8601”.
The concept of an extended ASCII encoding goes way back: https://en.wikipedia.org/wiki/Extended_ASCII, and UTF-8 is just another extended ASCII encoding, albeit a very clever one, with a lot of codepoints.
But when you combine units of language the result is not just the sum of the parts. word1 means X and word2 means Y but established phrase "word1 word2" rarely means X + Y. The result relates to X and Y but it has a life of its own that depends on how it's used.
Think of these and how they are more than sum of their parts. Demo scene. Serverless. Skyscraper. Information security. Artificial intelligence. Drawing board.
Even so, ask around and you'll find debates about which ASCII standard is the "right" and "true" one. Some argue only the initial standard is correct for ASCII art, you need to follow that, others say any of the versions are alright.
It's still ambiguous.