The name of the tool seems out of sync with what it is these days. Perhaps it should be renamed to just "Firewall"? "Firewall" is a very popular term for non-technical users these days thanks to recent security events and it may be "more user friendly" to use "Firewall". Just an opinion :)
The tool is named the way it is because it isn't really a firewall tool. Originally, there was going to be a "redhat-config-firewall" tool that would allow more fine-grained firewall configuration. Deveopment on that tool was delayed, restarted, and then delayed again. Anyway, I'm going to leave the name of redhat-config-securitylevel the way it is in the event that redhat-config-firewall gets written one day. :)