Do you actually use MySQL or are you just complaining from a theoretical POV?
If they were really conservative, they could wait until the next major release to repoint the name like that. Haven't there been four major releases since 2003?
In older versions of MySQL, InnoDB indexes were limited to 767 bytes. Meanwhile, VARCHAR(N) can store N characters. So with utf8mb3, that's a max of 3N bytes worst-case; but with utf8mb4 ("proper" utf8), it's now 4N. This meant that VARCHAR(255) CHARACTER SET utf8mb4 could not be indexed (in its entirety) in these older versions; the CREATE TABLE would fail if you try.
When you have a massive installed base of users, and those users have lots of dumps / install scripts containing "VARCHAR(255) CHARACTER SET utf8", you simply cannot change the meaning of "utf8" in a minor release.
I fully agree that MySQL could have made this transition faster/earlier than they did, but I disagree that it could be done trivially or terribly quickly.
I believe the limitation you mention was fixed in MySQL 5.7, which would have been a reasonable opportunity to make "utf8" live up to its name.
Anyway, I fully agree that the utf8 alias swap should have been done in MySQL 5.7, or perhaps even 5.6. I'm just disagreeing with your assertions that this would have been a trivial change.
Nor do I think it should have been a "stop the world" high-priority change prior to emoji existing in unicode (~late 2010). Non-BMP characters were very rare before that point. Hard to justify a business need for a complex migration just to store archaic hieroglyphs. For another point of comparison, MS SQL Server only added support for non-BMP characters in 2012, and only added support for utf8 encoding in 2019!
https://blog.koehntopp.info/2022/01/12/utf8mb4.html#so-what-...