First, from the FAQ:
IS THIS W3C'S "OFFICIAL" LOGO FOR HTML5?
Not yet. W3C introduced this logo in January 2011 with the goal of building community support. W3C has not yet taken it up in any official capacity. If, as W3C hopes, the community embraces the logo, W3C will adopt it as its own official logo for HTML5 in the first quarter of 2011.
Second, HTML is the primary vehicle of delivery for all those other modern web standards: it is the thing that brings them all together and gives them a purpose. Most of these technologies have seen adoption in browsers and websites concurrently with the adoption of "actual" HTML5 features. HTML5 has thus become thought of as a umbrella term that encompasses these things, which is not entirely surprising, and evidence of how having such a term IS convenient.
For those wishing to be more specific when they discuss "HTML5", this initiative could actually have benefits: it adds a categorization and iconography to subdivide what people think of as HTML5 into more meaningful groupings. If you assume that the average person already thinks of "HTML5" as this sort of catch-all, then this will actually draw MORE attention to the many technologies that HTML5 could refer to; rather that fighting a losing battle of linguistic prescriptivism, this accepts the trend and cuts ahead to provide a substitute terminology.
The icon set and the badge builder gives sites a unified way to quietly indicate what technologies are supported -- geolocation? offline storage? -- that could be helpful to users (although the far-too-abstract designs of those "class" icons leaves a lot to be desired). The idea reminds me of the sort of symbols you see on the back of videogame boxes, to indicate how many players and what add-ons or platform features are supported by the game.
Does this further erode the clarity of the "HTML5" label? Yes. But this was already happening, and if you accept that there's no way to really stop it, then this branding initiative becomes a clever, pragmatic choice.