The term football is more likely historically to be because the sport is played on foot rather than on horseback and has nothing to do with how the ball is interacted with. Incidentally all regions of the world just refer to football as their locally popular version, so Americans have their, uh, American football, we have association football (association abbreviated to soccer), the Aussies have Aussie rules football, etc.
Anyway, the only improvements that football really needs is to utilise goal-line technology (which it never will while Blatter is still around), and clamp down on playacting and players crowding around the ref - it is the referees' own fault that this hasn't been sorted out, all they have to do is start carding people for doing either and the players will get the message and stop doing it, or keep doing it and get sent off.
Regarding penalties: it isn't ideal, but there is a limit as to how long you can make tired players keep playing. There have been a few trials done of never-ending matches, and they don't work. They already have a set "overtime" period, so if they don't get a result in that time they aren't going to get one in open play. Everyone hates and at the same time loves penalties (I should know, following England), and to be quite honest I would have thought the Americans would have been totally up for this - the best team (at penalties) on the day will win and the worst will lose, and you get a result, so what is not to like?
Regarding the (often) low-scoring nature of football, and the possibility of (gasp) draws: that's what makes it a great sport to watch and to play, you've always got a chance to influence the game, one moment of brilliance or ineptitude can change everything, what can be more exciting than that?
If you do get a chance to watch some of the Premiership football in England on TV this season then try it out, you might end up understanding some of why the game is the way it is. Or you might watch a terrible 0-0 draw.