Hmm technically, yes. But in practice, that’s how those 2 words put together have come to be in use in the leather industry, so much so that it’s a rarity for someone who uses full or top grain leather to market their leather as genuine leather.
Well, I don't mean to be argumentative, and first of all, you are absolutely right. No offence meant to you.
Though I must say that wasn't the point of my post. Naturally, full grain leather isn't "marketed" as "genuine leather". Nor am I suggesting that it should (or needs to) be.
But what you've brought up here is an interesting point.
The term "genuine leather" has evolved through time. And in this current day, in certain situations, it is a misnomer at best. When it is used to refer to what is "leatherboard", it is essentially confusing / misleading and imprecise to say the least. Especially since there is already a proper technical term for it. So people will generally be confused, like @th1tetek was (at no fault of his).
It probably started out as a marketing strategy to sell a product as something that well, probably is only marginally close at best. For those like you who are in the know, you'll know what it actually is. For those who are uninformed or relatively new, they will probably be misled by the attractive looking "genuine leather" tag.
But in fact, the term might not be universally recognised as referring to leatherboard. An example would be let's say... An Italian handwelted maker "X". Where you would not uncommonly find the stamp "Vera Cuoio" on the outsole. Translated, it means "real" or "genuine" leather. And chances are, it is an actual cowhide, not leatherboard.
I find it a somewhat similar scenario to how the Italians tend to refer to handwelting as "Goodyear fatto e mano", or "Goodyear made by hand". Which is also a technically incorrect term that somehow evolved to be as such, but in this case, they are doing themselves a disservice (or service, depending on how you see it).
Anyway, good point. And I do agree that nomenclature can be quite confusing to the uninitiated.