Microsoft did not coin the term.
This is more comparable to if Apple made an application called "Camera" and then Google did the same.
Microsoft did not invent hyperlapse last week. They showed off a method of producing a hyperlapse. Instagram now has another method of producing a hyperlapse.
Here's a video that, coincidentally, was also published last week about shooing a hyperlapse with a DSLR.
It looks like Dan Eckert coined the term for this video: https://vimeo.com/19441262 then later used it to refer to the general technique, for which he registered http://www.hyperlapse.com/ in 2012. Other people started using it, like https://vimeo.com/50238512, and now Microsoft and Facebook are both developing applications that both use the term to automatically create hyperlapse sequences.