Frequency response curve/graph depends on speaker drivers and crossovers. ...So the crossover is like EQ,, or the EQ is used to get a flatter frequency response.
So EQ OFF might result in a very non-flat response, iow not "un-coloured", not "unflavoured".
So it's better to label it FLAT when it is never off, there is always some EQ. - the EQ to make it flat/neutral.