Ben, yes, there is that, too. But until manufacturer's worldwide come to consensus on how to measure that, I don't see this happening anytime soon. There are, however, already standardized measuring systems in place... Metric and English... and for someone who's ordered a lot of products from the States it can be quite time consuming and irritating to go back and forth getting the measurements so I can understand them. It's particularly irritating when you are looking at products made by American and non-American manufacturers and you're trying to compare the products.
Most of the American backpackers I know here rarely seem to order anything from overseas, so they rarely have to deal with this problem, but I bet every non-American member here has gone through the frustration quite often.