The "rapid" in the phrase rapid transit doesn't refer to how fast it transports individual riders, but rather how fast it can move large volumes of people. Like how the water in a water main may not be flowing as fast as in a garden hose, but a water main transports large payloads of water much faster than a garden hose.
There are many types of mass transit that transports individual riders faster than rapid transit. Commuter rail, some LRT and streetcars (including the once common highspeed interurbans) express buses and highway commuter buses, etc. But these other forms of transit generally can't transport as large of volumes of people because either they can't support as high of frequency, the vehicles aren't as big, or both.
If you read the definition from the The Columbia Encyclopedia (via questia.com) you'll notice it talks a lot about capacity and congestion, but doesn't mention speed or individual trip time at all.
Quote:
rapid transit
rapid transit, transportation system designed to allow passenger travel within or throughout an urban area, usually employing surface, elevated, or underground railway systems or some combination of these. Rapid transit systems are generally considered to be mass transit systems, capable of moving large numbers of passengers in a single train. The large capacities of such systems make them potentially more efficient, in terms of cost and environmental effects, than automobile transportation. The principal problem to be solved in an urban rapid transit system is that of providing extra capacity to handle the volume of traffic during the morning and evening rush hours without unreasonable delays. Basically a rapid transit train consists of a number of electrically powered, self-propelled cars, each of which draws electricity from a "third rail" that runs near the tracks. Since there is an engine in each car, greater traction is produced than would be generated by a locomotive pulling a series of unpowered cars. The controls for the car motors are arranged so that an operator at either end of the train can control all of them. This arrangement eliminates involved turnarounds at the terminals.
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