I think you are defining 'feedback' different than the designer.
This 'pedal' has no gain stage, so I don't know how it could create any oscillations of it's own. Without looking to far into the signal path, I'm guessing the 'feedback' pot is more like a mix pot, mixing more or less signal into the send jack. If you have a high gain pedal or a delay set to oscillate in the 'send/return' path, I can see how that pot might control the amount of feedback via the outboard effect. Other than that, I think it's just a terminology problem - something endemic in the guitar world.
This 'pedal' has no gain stage, so I don't know how it could create any oscillations of it's own. Without looking to far into the signal path, I'm guessing the 'feedback' pot is more like a mix pot, mixing more or less signal into the send jack. If you have a high gain pedal or a delay set to oscillate in the 'send/return' path, I can see how that pot might control the amount of feedback via the outboard effect. Other than that, I think it's just a terminology problem - something endemic in the guitar world.