Is there a pun that I don't understand or something?
This move's name refers to a vise, a mechanical tool which firmly holds an object that one is working on. Although official English translations normally use American English spelling conventions, the move's name instead used the Commonwealth English spelling of vice prior to Generation VIII. "Vise-Grip" is a brand of locking pliers and other tools.
Source
Hope this helps! :)
Most likely they originally just incorrectly translated it into English.
A Vice is like a bad habit or a fault, whereas a Vise is a clamp or grip. "Clamping Grip" makes more sense than "Faulty grip" in my opinion.
