Shall and Will, English Future is as misnomer?

Is the future tense a misnomer? It appears so (501 English Verbs, Focus on Grammar 3 - Third Edition), but why? I updated the Wikipedia's Grammatical tense article today to distinguish Shall and Will by referencing The English Verb - Exercises -- HEB - Institut supérieur de traducteurs et interprètes -- Mme H. Letargez - Edition 2003-2004 1ère candidature.

Here is a technical explanation