It is, in fact, a Macy*s parade. It just isn't the Macy*s Thanksgiving Day Parade, nor is it even called that. Never has been. It's the Macy*s Holiday Parade. Any confusion or disappointment is on the consumer's end.
I found their characterization of the event to be misleading. I don't regard that as confusion on my part, though, it was indeed disappointing.
And even without the hype, the parade I saw ages ago was pretty weak... not in comparison to a Macy*s' parade, but to a Disney parade. Being number two, they really needed to try harder.