I think it is all from the term Exposure Value (EV).
EV = TV + AV,
where TV (time value) and AV (aperture value) were defined as:
TV = − log2(t) AV = 2log2(N) No reason in changing old terminology I guess.
Why not just P&S?
Remove the manufacturers paint or decal from the selection knob, print your own to a decal transfer sheet or expose a section of silk screen and put whatever you want on there.