You're missing the point. Is it better to call a thing by what it does, or what it (giving the benefit of the doubt here) claims to do?

Most of what it does is oodles of boring regulation of things like radio spectrums . So yes, it is a telecommunication regulator.

That brings up another question: Is it better to call things by what they primarily do, or what they do that's relevant to the discussion?

If I put sandbags in front of my house to stop a flood, I don't call it a "beach".