Norwegian Premium is close to American carriers' first class. Or am I totally off? Anyhow I agree that a premium economy product should be marketed as such. But American first is also wrongly marketed in my humble opinion. Business class should be lie flat and first should mean personalized service. Again just my humble opinion.
Edit: to be fair, Chinese airlines also have this silly "first premium" product which means first class, while "first" means business. Again I might be totally off. Let the flames begin!