Its based on the most common heuristic people have developed in regards to the phenomenon. What do you think about 'alphabet soup company' instead, referring to the tendency for names to be a mix of random letters? Otherwise, you can try and create a better term for 'unaccountable third parties using US platforms to dodge liability for their product made out of the cheapest components and software possible' and see if that catches on.

Yes it is also the US companies that are a problem but these are two separate problems and need different terms.