I'm not sure what to think about your assertion that "balanced rig" is "one of the WORST descriptive terms." I would agree that the concept needs some explanation to be understood the first time one hears it, but then I would say that also goes for a large percentage of the terms in Scuba diving*.
And that's not to say that one should continue on doing something badly just because there are other examples; but I see it more as stemming from the fact that numerous concepts in Scuba diving do not necessarily lend themselves to being condensed into one-word definitions that are instantly, completely understandable by just seeing that one word or term the first time.
In other words, for this concept as well as many others, wouldn't *any* term that was used to talk about it have to be explained, to some extent, to someone unfamiliar with it? (Obviously that doesn't mean we should just call it "Polka Dot," or something; but I don't see "balanced rig" as being so far off as to be misleading.)
On the other hand, if there were no "shorthand" term, it could make the concepts hard to talk about or refer to later.
Edited to add: I realized I forgot to ask what term you would use instead of "balanced rig" for the same concept. Maybe there is a better one.
Blue Sparkle
*Slight tangent, but related: When I first got into Scuba diving I quickly decided that it would handily win an award for the sport with the most acronyms ever