I think releasing it on yet-another-open-source-license instead of some of well-known ones severely degrades the possibility for this code to be used by companies.
Still, it would be nice is to state that is is the zlib license, and to include the license in the repository.
I will admit that when I first saw the zlib license, I was similarly confused but it's actually a license that is about the same age as most other common licenses (and quite a large body of software is licensed under it).
But that's not really the point -- GGGP implied that the license was written from scratch ("yet-another-open-source-license") and that's obviously not true.