I assure you that BusinessFirst has been around longer than 9 years. @:-)

In its earlier days, international F was typically a 60-62" pitch recliner seat. And not just on AA/UA. Int'l J was 45-50" pitch. CO's seat was right in the middle in terms of pitch and the width was identical to the F products (I.e., 2-1-2 on 767 and 2-2-2 on DC-10/777). And the 5 course meal with many elements served from a trolley was more similar to F than J on competitors, and the ratio of FAs to passengers was in between. CO BF has remained remarkably consistent over the years (IMO), and just because the competitive landscape has changed doesn't mean they have to rebrand their product; that would be a stupid business decision in some ways.

ETA:
I think it's funny to consider that, on the one hand, you've got people giving CO a hard time because their international BusinessFirst does not live up to the "First" portion of it's name. Yet on the other hand, you've got people giving them a hard time because Hawaii BusinessFirst does not live up to CO's own high standards for its BusinessFirst product. And none of the other airlines get any flak for what they call First class on routes to Hawaii. Quite inconsistent, I guess there are just the folks who have to find a reason, any reason, to make a swipe at CO.