Why don't we call the races for what they really are? Not even in a solo effort can a human run the precise meters advertised in each event on an oval indoor or outdoor track, let alone if there are multiple competitors. My unscientific guess is that without cutting the course we on average run 30-60cm more than the race distance due to our inability to run exactly on the line on an oval track. To run a precise distance humans need to run in a continuous straight line.
This is why I would propose that we call each race according to the number of laps, rather than the number of meters - or even worse - miles.