A couple reasons I can think of:
By the time World War 1 was coined as a term, it was already the Seven Years War for over a century. Renaming it at that point doesn’t make sense.
Second, it’s completely disconnected from the World Wars – alliances have shifted dramatically, plenty of the actors that fought in it no longer exist, and a finale for the British-French Rivalry already exists in the Napoleonic Wars. It’s now the time for the British-German rivalry.
It’s absolutely a global conflict, as are it’s peers/cousins the War of Spanish Succession, the Revolutionary War, and the Napoleonic Wars. However, they have their own plot thread and pretty much very little in common with the World Wars.
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