Like I said, it's a scary term, because hearing the word "monoid" conveys exactly zilch about what it is, and it sounds strange and abstract. And like I said, the definition I gave is not a precise one, but it's an intuitive one. Once you have an intuitive understanding as a starting point, you can abstract to other things.
Most of what you learn in CS is a bunch of words you have no idea what they mean until someone gives you a precise definition. Deterministic Finite Automata, regular expression, static typing, serialization, compilation, singleton pattern, etc. are all terms we use every day in our profession, but it's not clear what they mean. But we read the definition, forget it, someone reminds us, we forget it again, we implement it and we remember. Same with monoids, functors or monads, we need to take some time to learn what they mean and then we can include them in our vocabulary.
Except that it doesn't sound strange and abstract, because it's a word that everyone is familiar with. My point is about accessibility, not theoretical correctness.
My point is that a monoid is a monoid. It's an abstraction that's so basic that it cannot be broken down. It's a concept that you learn, like how you learn what a dog is or what integers, loops, functions, sets, hashmaps, etc are.
A very large part of our job is to apply abstractions. I don't often hear lawyers complaining about how accessible the name of some law is, or from doctors about how accessible the name of some disease is. I've never heard an American football player say "We should call the pistol formation something else. Calling it pistol is potentially confusing". They just learn what a pistol formation is and carry on.
As programmers, abstraction is a very large part of our job. We owe it to ourselves to learn the basics and to improve our abilities with respect to our craft, even though sometimes it's hard.
Welcome to engineering. We use specialized jargon to talk about concepts that laymen might not find obvious, but are indispensable for us to get our work done.
This is just my opinion, of course.