I think x86 is still good because it's easily understandable. If I say it's an 8086 emulator, people who aren't familiar with the 8086 aren't gonna go "oh so like an older version of the same x86 on my computer". And "Show HN: CSS program that emulates a CPU that's a member of the x86 family" doesn't roll off the tongue.

I don't think calling it x86 is misleading, and this is coming from the perspective of someone who dabbles in rev and pwn of x86.