In the 18 years I have been on ScubaBoard, this point has been discussed (including by me early on) 4,247 times, by my estimate.I personally think they should re-name AOW to something like “Extended open water” or “Enhanced OW” or more to the point “Exploring specialties”. Something besides “Advanced” because they’re not very advanced at that point. If they were to take all the five full courses then they could be called Advanced. So to me it’s somewhat of a misnomer.
PADI tried calling it "Adventures in Diving" for many years, but they still kept the name "advanced" on the certification. That contradiction must have been the result of a very interesting (and probably continuing) debate at company headquarters.