No, 'incorporated' is another way of saying something is a legal entity independent of those that create it.
But since corporations tend to assume a lot of the traits of the people that run them and are given significant subsets of the rights normally afforded to real-life human beings the line between corporate identities and persons can blur to the point where we are allowed to ascribe (some) personal traits to corporations.
The reason they are called corporations is language and vocabulary. The word is like body, as in the body politic. The etymology of corporation is Latin compare "combine in one body" or "persons united in a body for some purpose". That is why we have the word. Everything you added is modern and irrelevant to the question of why we use this word.
But since corporations tend to assume a lot of the traits of the people that run them and are given significant subsets of the rights normally afforded to real-life human beings the line between corporate identities and persons can blur to the point where we are allowed to ascribe (some) personal traits to corporations.