Actually if we're perfectly fair. Japan itself has mixed it up, using Ribbon and Reborn in media such as video games. The mistake by the translation is that "ribon" tends to be be ribbon and "riboon" tends to be reborn. As its "riboon" here, reborn is the better to go with, I honestly think people are nitpicking over stuff because they want to hate the new manga (though I haven't read most of it so I don't have much of an opinion). Reborn is probably the correct one, but in a show with attacks like "Starlight Honeymoon Therapy Kiss", I guess the translator didn't bother to think it was odd. Doesn't this attack come with ribbons anyway? Also in English itself, "Death Ribbon" makes more grammatical sense than "Death Reborn", thats probably what he thought.
In fact I'm pretty sure "Death Ribbon Revolution" is a separate attack to "Death Ribbon Revolution" on some video games.
I honestly think its not a big deal XD
What about Space Sword Blaster / Bluster, they share katakana, Bluster makes more sense with the wind element, and everyone goes with Blaster because thats's what they've seen more often or Tellu/Tellur, Naoko wrote in English Tellu, but that romanisation doesn't make very much sense. People just become used to what they are familiar with and that's why they like to complain over stuff like this.
Personally I think Reborn is more accurate, you are right. But then again *Shrugs* i know its reborn, but its not going to put a major impact on the storytelling at least. There's a difference between "wrong" and "different". I have since ribbon and reborn written both as "ribon" and "riboon" in other non-Sailor Moon places.
EDITED:
Just checked, the associated kanji to Death Reborn Revolution on the manga page in question is "死世界変革" (literally death world reform) which makes more sense with "reborn" than "ribbon" which makes me less easy with ribbon though its not blatant =\ I suppose he just assumed it was ribbon because of all the ribbons on the page.
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In summary:
I like "reborn" better. But that doesn't make ribbon wrong, just... not as right as it could be? Naoko herself might have intended a double-meaning here, remember she is NOT thinking in English as she writes this, maybe she though "ribon? riboon!" and meant to imply both
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MORE EDITS:
Also while we add it, the fandom's hissyfit at "Spark Ring Wide Pressure" over Sparkling Wide Pressure was unjustified, where he put spark ring wide pressure, the phrase featured NO nakapochi as some people claimed it did and due to the space it is split into "supaaku ringu waido pureshaaa", completely understandable to take this as four words over three! Later when it appears again, it was changed to sparkling because it was no longer unclear if it is one word or two.