> 「～～ + と + でも + Verb Phrase using [言]{い}う/[呼]{よ}ぶ/[表現]{ひょうげん}する, etc.」

The 「と」 here is a quotative particle.  There is something you want to call, describe, etc. as "~~". 

By using 「でも」, you are opting to give an "example" or "tentative" name, description, etc. instead of giving a "final" or "definitive" one.

In English, it means along the lines of "Let's call it ~~ for now.", "~~ would be one way to describe it.", etc.  Thus your translation "~~, one might call it" is spot-on.

「でも」 consists of 「で」,the [連用形]{れんようけい} of the affirmation auxiliary verb 「だ」, and the particle 「も」 if you are into grammar.

This 「でも」 is quite often attached to another particle.

「このスイカは[山田]{やまだ}さん<b>にでも</b>あげよう。」 = "Let's give this watermelon to Mr. Yamada, perhaps?"

「[日本]{にほん}は[寒]{さむ}いのでハワイ<b>へでも</b>[行]{い}きたいのだが、お[金]{かね}がない。」 = "I would love to go to Hawaii because it's too freaking cold here in Japan, but I don't have enough money."