no and yes to your questions. It is not regional.
It is a high fleese type fabric that is very stretchy and very soft. Usually comes with pattern woven into the fabric.
Many like it for backing. However, many report that it is a beast to work with as it doe stretch and takes care in working with it. Washable, tricote backing. Probably need to work with it using a walking foot to keep the layers flat and even. Suggest trying a small piece to test if it is something you would want to work with. The story I have been told is that it was named "minkey" because the head of the fabric manufacturer who introduced it had a quilt when he was small that he called "Minkey".