I am not ready to agree with that.
One of the arguments goes along the lines that the EA name being too complex, having "-ism" (which is associated with ideologies) in it, etc. However "altruism" is a very well-known word on its own, certainly among the people who donate.
Mainly though, the "Effective Altruism" become more and more known around the world. Thanks to the efforts of the founders (who also have become way more recognized) and their countless podcasts, TED talks, etc. It is and will become every more of a (positive) brand name. People will be looking more and more for "Effective Altriusm" even when they look for a local community dedicated to it.
And a personal anecdote: As recently as yesterday, I found and joined the EA community on Telegram exactly because it is named so. I would not have found it otherwise. And I don't even have to think what it is, I *know for sure* it's the right society, exactly the one I'm looking for. It would have been different if it was called "positive impact society" or something else. I might have thought twice before joining.