The "B" or Bulb shutter setting may have something to do with air (pneumatically) activated Packard shutters, oftentimes found in old view and "portrait" studio camera or air operated shutter releases of the olden days- those were the "remote" releases of the past. The main usage, for the "B" setting, that I recall, was/is for any kind of shutter for "open flash" technique for non-synchronized shutters or "multiple pops". Theses techniqes entail opening the shutter and firing the flash ("B"ULB originally for flash BULB) interdependently and manually and then closing the shutter shutter quickly thereafter, OR painting with light, OR accumulating more exposure by repeatedly firing a strobe. It's also useful for stroboscopic effects. Unlike the "T" (Time) setting, closing the shutter does not require a second activation which is not as convenient for shorter open shutter times and the B setting is less likely to cause blur do to camera movement.
Te "B" setting is also handy for "shutter dragging with flash, whereby you allow the shutter to remain open after the flash to include more ambien ligh in the exposure.
By the way- most of theses techniqes require a good solid tripod!
Ain't anythg "fake" about it- it's a useful shutter setting for certin kinds of work.
If you are old, like me, and remember using a Packard shutter, there were certain SLOW squeezing techniques to open the shutter for composing and focusing on the ground glass, closing it to insert the film holder and the a QUICK abrupt squeeze for making the exposure. The bulb had a special valve atop the assembly- not like a turkey baster or a medical fountain syringe.
There are lots of terms that stem from older and perhaps obsolete or seldom used methods and equipment but they stuck and became part of the photographic vernacular . The "B" shutter setting is not a part of any automated camera function so anyone who is familiar with the manual use of their camera will understand what it does and how to use it.
What's with all the "FAKE" business lately. "ISO is fake, "B" is fake, post processing is FAKE, formal portraiture is FAKE"? My goodness- we use everyday terms in modern photography that go back to the Renaissance and Baroque painters and artists of yore- canvas, brushes, Chiaroscuro, palette, and we say "tools"in Photoshop-are there hammers, wrenches and drills there? Of course as technologies change there are technical terms that replace the older versions such as grain vs. noise etc, however, so long as we can all understad each other, it's all good by me. Sometimes there is too much etymology and not enough photography aroud here.