Regardless, we wrap literally everything else in shiny marketing nonsense. Using it to get people to eat the entire edible part of the animal rather than wasting it is kind of a win from an environmental POV. I mean arguably it'd be better if we just stopped eating meat, but that doesn't seem like it'll happen any time soon.
The name "pink slime" isn't from ABC. It's from an FDA employee who got to examine the stuff.