No, the 2 1/2 frame was not a commonly known entity, but obviously, it was a term used among factory people to designate the #3 frame. Whether some retail customers knew about the big frame is doubtful, but the terminology made it to the order books. No one "rounded up" 2 1/2 to 3. The #3 frame is 2 1/2" wide according to the frame dimension chart in The Parker Pages. I have no idea why factory people didn't use the same numbers we do, but they apparently didn't. I also don't know why other frame sizes weren't described in "insider's lingo", but they don't seem to have been, at least in my experience.
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