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It is just the way the term is commonly used in the US. The term is used without thinking of the real meaning. My guess it might actually have come from Europeans, because Europeans usually immigrated to the US. So in German the term "Amerikaner" also means US only. So it was here (Europe) and there (America = US). The non-inclusion of inhabitants of all other countries in the Americas is not meant to insult them.
In Europe I ran into the opposite, once I was in England and people talked about "Great Britain and Europe".
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