Disclaimer - I am not a smart person and could be very wrong on all of this.
(Well, this isn't strictly true, IIRC there have been a few changes over the years to both of their recipes and the regulations and Heinz were allowed to call themselves Ketchup for some of the time, but you get my point)
Personally, I prefer heinz "not ketchup" to osem brand, but that can be my american trained pallate.
I'd translate it as "Tomato Dip", though strictly speaking that may be an inaccruate translation. A "dip" in Hebrew should be מטבל since ט.ב.ל. is a root that means "to dip" so מטבל would be a "thing" for dipping. Heinz's sauce however is מתבל which is a homonym but has a different root ת.ב.ל. which that relates to spices. Strictly speaking that isn't an official word then, but you can understand they are evoking both "Dip" and "Spice" with their chosen "word".
IIRC while the labeling in Hebrew uses that word, the bottles still have their original labels in English (on the other side of the bottle) saying "Ketchup", making the whole affair extra stupid.