Why wasn't the Old Republic known as the Coruscant Empire?

Coruscant seemed to suck up the majority of the revenue that the Old Republic generated in order to prop up their bloated bureaucracy while not even offering the basic functions of a government. Why isn't the old republic known as the Coruscant Empire?

Essentially the value proposition is, that the rest of the Galaxy should pay Coruscant....but that money won't go to collective defense, you have to pay more to fund your own planetary defense forces.

Coruscant will use the money to set up a military order to protect the rest of the galaxy from the rogue members of the military order, they just set up, (i.e. the Sith or some rogue Jedi)

Basically we will still need a planetary defense force to defend ourselves from being attacked by our neighbors which you won't stop, because you don't have a military. Also, we will have to defend ourselves from the rogue elements in your military order. The Jedi Order you demanded we pay to set up and maintain, in order to protect us...from the Jedi Order. Basically they won't protect us unless they also attack us?

Oh, let's address the other value proposition: The Coruscant Empire stopped galactic wide wars from happening, thus ushering in an era of peace, however, there were only 4 pre republic galactic wide wars. But since the Coruscant Empire took over, and demanded we pay for the military order, there have been 6 Galactic wide wars that happened because of the the military order you wanted us to pay for, who's sole mission was to prevent galactic wide wars, decided to start galactic wide wars.

This doesn't seem like a good return on the money.