Why are we reinventing wheels and giving them bad names

This is an exponential moving average aka first order average and has been used for decades. It's introductory material in any DSP class.

There are multiple varying derivations of the coefficients that have different meanings, the best one for this example would be as an approximation of an N-point moving average (derivation of that is an exercise to the reader, but it's like five minutes of whiteboarding)