Also, why is the wave impedance called "impedance"? From what I know, it is merely a ratio between an electric field intensity and a magnetic field intensity. It says nothing about the material's ability to "impede" something. Is it a misnomer?
Historically, the concept of characteristic impedance (or intrinsic impedance) was first invented in the context of transmission line theory. Originally, transmission lines were just electric cables. For an infinite and lossless transmission line, its characteristic impedance is given by:
$$
Z_0 = {V \over I} = \sqrt{L \over C}
$$
It's named "impedance" because it's a ratio between voltage and current, in other words, a literal electrical impedance. Since voltage and current are physical quantities that can be directly measured in a cable, this definition is used as it's both straightforward and practical.
Later, waveguides were invented and used as transmission lines, too. Since the transmission and reflection of electromagnetic waves still take place in waveguide, a definition of "impedance" would be extremely useful. However, unlike cables, voltage waves and current flows don't always exist. Thus, the characteristic impedance of a waveguide is defined as:
$$
Z_0 = {E_x \over H_y}
$$
Rather than a ratio of voltage and current, it's now a ratio between electric and magnetic field. In this context, it's usually known as "wave impedance", as this impedance is frequency-dependent for non-TEM waves.
In TEM mode when the electric and magnetic fields are perfectly orthogonal:
$$
Z_0 = {E_x \over H_y} = \sqrt{\mu \over \epsilon}
$$
Similarly, rather than a ratio between the square root of inductance and capacitance, it's now a ratio between permeability and permittivity.
Since it's possible to define an "impedance" in terms of E&M fields in waveguides, from here, it's natural to generalize the concept of characteristic impedance further to unguided E&M waves in vacuum itself and different mediums. This is the motivation behind the concept of "intrinsic impedance" (at least from a microwave engineering perspective). It's also possible to define this generalization experimentally - loosely speaking, the impedance of free space can be defined to be the wave impedance of an open-ended waveguide, if pointed to free space, does not reflect electromagnetic waves back to the source.
Thus, one can say the origin of the term "intrinsic impedance" came from the generalization of a concept on electrical impedance in transmission line theory from cables to waveguide, and later to vacuum and mediums. The roles of electric and magnetic fields are seen as analogues to voltages and currents in cables.