It's a punch used everyday in boxing. Do you watch the sport? If you're in the ring you're not forced to throw a hook with your arm perfectly parallel to the floor. I guess you've never seen an overhand right either.
I've heard the term used many many times on TV - and I'm glad I can throw the punch now, in fact it's always been one of my fav's.
ps. I'm having next to no problem with the controls, the only thing I do occasionally is throw a lead overhand while wanting a hook, but it doesn't happen too often.