I agree in principle.
But that still leaves it called Far East, it's just Far East Asia.
The origin of the term "Asia" is from ancient Greece, and meant anything to the east of the Dardanelles Strait. The Romans used the term specifically for the province of western Anatolia.
To extend that term to include all those landmasses, including China, India and Japan is extremely Eurocentric.
I would consider "Far East" quite neutral by comparison.