We discussed this a bit in my Spanish classes (not Fender related of course). I do kind of understand where the latin countries are coming from but I think we have an equal point after all;
Canada = Canadians
Britain = Britons
Italy = Italians
Germany = Germans
Iran = Persian
Korea = Koreans
ect
ect
ect
It's just how we label people from places I think the best example is what happened to me back in March. I was at the international student night in Leeds (ie people from literally all over the world). I spied a very cute mexican girl and was using my limited spanish to flirt a little and after awhile in English she asked me "where are you from?" I replied "America." She quickly replied "so am I" or something to that extent. The 6 or so people, from Canada, India, Pakistan, Spain, and France (from off of the top of my head) looked at each other and one said "but aren't you from Mexico?"
It's just become the thing people all over the world sure it might be a little ego centric or whatever you want to label it but its been said for a couple hundred years now it's not likely to change.