Yes, and in fact the ancient Greek term, of those who invented the thing, was neither ("illogical" or "not a ratio").

It was "alogos" (later "arritos"), with the meaning "inexpressible", "which cannot be spelt out" - in the sense that you can never fully write out e.g. the square root of two the way you can a natural or a rational number like 2/3 or 1/4.

Unfortunately "alogos" also meant "illogical", so that's where the confusion stems...