They are labeled correctly. This is no different than debating upload and download. Upload to, or from what, and download what from/to where? Depends on ones perspective. Outputs from the Axe are labeled IN0-3 because you select them from the AxeFx ASIO driver interface on your computer. At that point the reference point is the computer, not the Axe. Instead of In0-3 as inputs to your DAW, I guess it could be preferable to label them OUT0-3, but every DAW user would be posting here asking why no sound was coming from the Axe2 !!! Duh!
Makes perfect sense from the perspective of the PC...somehow I missed that!