It's modeled off of IRC / Mumble / TS / Vent terminology. A server is home to many channels which one can join.
Discord's selling point isn't really being a "better IRC", it's the voice chat. It's a better TS/Mumble/Ventrillo. Low-latency, decent audio quality, push-to-talk or an actually functioning level detection, with an easy to use interface. It's "Chat for Gamers" for a reason, not "IRC with history".
That seems more than a bit ridiculous.