As an alternative to waiting for this official release, jailbroken iPhones have been able to do this for a while now, with no tethering fees from your carrier.
1) because its more descriptive to call it WiFi Router
2) calling it HotSpot means they get to tact on another fee for that feature. Maybe something like: $14 - for tethering enabled, another $20 - to enabled HotSpot.
