What does it matter? Well, on the one hand I can't answer for everyone, nor can I say that everything does or should have the same meaning to all people. On the other hand, having a common language, a flag has brought people together, and some people see value in that, some may have emotional investment in that, and some people will resist that being used to market products. I'm not saying anyone is right or wrong, but I think we can respect differing views.
There is nothing generic about Oldhammer, it would be generic if we were discussing old hammers, or if Apple sold apples rather than computers. As it is, it has distinctness, and isn't a simple generic or industry description.
Redben is completely correct, GW could make a case that Oldhammer dilutes their major brand, and I think that should make people wary of using it as a term to promote or identify miniatures.
It's certainly very interesting seeing such a wide variety of approaches and responses. Mick has decided to redraft his description, and is no doubt very happy with the support shown for his project.