Sort of like a product called Juicy Juice that got into legal trouble years ago. On the packaging it said something like "Made with 100% real fruit juice" or "Contains 100% real fruit juice." People took that to mean that the whole container was entirely full (100%) of real fruit juice. In fact, it was some horribly low percentage of fruit juice in the container. Sure, it was 100% juice that was added, but the total percentage once mixed with other ingredients was less. It also stated "All Natural" and people were upset when it wasn't. Some claims were a combination of both the "All Natural" and "100%" claims plus had large letters stating that it was "GRAPE" and yet the first ingredient was apple juice.
Just because a product *contains* something doesn't mean that it *is* something.
I have had processed American cheese and the real deal. Personally, I like them both, but for different things. They melt differently, have a different texture, and taste different. The real stuff is my preference, and as mentioned before, whenever we buy it, it is already sliced, but not individually wrapped.
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