No, but it's no less arbitrary than the Sirius and XM channel numbers. Of course, I don't think that there are enough FM "channels" to map 1:1 to Sirius/XM channels.

Edit: Huh. They actually are called channels, and there are 101 of them in the US and Canada named 200(87.9MHz) through 300(107.9MHz). 116 more for AM.