Here's why it's misleading:
* Rubber bands aren't made of gum: They're made from vulcanized rubber, a material that's much more durable than gum.
* They don't resemble gum: They're not sticky or chewable.
So, "gumband" is simply a slang term that stuck, likely due to its simplicity and ease of pronunciation. However, it's more accurate to use the term "rubber band" when referring to these versatile elastic bands.