I agree the name "wallet" is misleading, but I think the idea is to make it more friendly to the average user. Not to mention, Bitcoin wallets aren't that far from normal wallets... I mean, somebody steals your wallet, somebody steals your money. You lose your wallet, you lose the money in it.

The only thing off is wallet clones, but people are used to that from credit card and cellphone frauds, which are equally hard to explain if you think about it. So I dunno.

In any case, the name wallet is already out in the wild, and, unfortunately, we could hardly change it if we had to, I think.