It's not a rotation in a spinning or orbiting sense. The basic definition of rotate is to cause to turn about an axis. During a takeoff roll, "rotate" is the point at which the pilot begins to pivot the longitudinal axis of the airplane about the main landing gear. This "rotation" continues until the point of liftoff.
Yeah, I agree, it may not sound like the best term, but we could probably make the same argument for any other term that could be used.
EDIT: I purposely meant the longitudinal axis. I didn't say that the plane rotates AROUND the longitudinal axis. I said that the longitudinal axis (the line from the nose to the tail) pivots around the main landing gear, meaning the line of the longitudinal axis is what's changing.
I admit that probably wasn't the best term to use there, but during rotation, the plane does not pitch about the lateral axis either. If you watch an airplane on rotation, imagine a line going from wingtip to wingtip. You'll see that the airplane is not "pivoting" on this line the way it does in the air. Until the plane is in the air, the main landing gear is the pivot point (fulcrum) because the ground is affecting it. Once airborne and the ground has no effect on where the aircraft is pivoting, the pitch "pivots" about the lateral axis, or the "wingtip to wingtip line", which goes through the CG.