If you're on Windows XP, then nope, nothing is wrong. Windows XP lists any class-compliant USB MIDI controller as "USB Audio Device" rather than the actual port name. The correct port name should be displayed on Windows 7 and 8, as well as all versions of Mac OS.
If you would rather it show up as something else, it is possible to change the displayed port name. Instructions on how to do this can be found at this link: http://forum.cockos.com/showthread.php?t=131732
If you're on Mac OS, this issue is easily fixed.
- Unplug the 12 Step from the computer.
- Open Audio MIDI Setup (located in /Applications/Utilities).
- Look in the MIDI window. If the MIDI window is not visible, go up to the Window menu up top and select "Show MIDI Window".
- Look for a device named "USB MIDI Device" and click it. You may need to scroll to the right to find it — the window doesn't appear like it should scroll, but it does.
- Delete the device by pressing the Delete key on your keyboard.
- Plug the 12 Step back into the computer. A new device should appear in Audio MIDI Setup with the proper name, "12 Step".