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Of course there are non local scattering effects that are not captured by BRDFs and that can be perceptually important for some materials so there are also extensions like BSDFs used in some PBR renderers. Overall the PBR approach is to try and understand the underlying physics and drop or approximate (in a more or less principled way) the parts that are impractical to simulate or have small perceptual effects in most situations. It's not really about any specific such approximation like micro facet models. "Physically Based" seems like a perfectly good name for this approach, perhaps "Physically Inspired" would have been an appropriate alternative.