Re: exahust bellow ??
Call that section of rubber what you want... If you don't have a exhaust flapper in the exhaust somewhere you will end up sucking water into the engine on a "hiccup". That's an almost certain lock up or engine destruction.
Then your "section of rubber" (be it the bellows or exhaust hose) won't make a hill of beans what you call it.
Usually an exhaust hose is used inside the boat to connect the elbow to the exhaust tube that leads to the drive... I have seen the old 140-165's with that "bellows" look. The V8's had the straight hose as I recall.
The exhaust bellows on Mercruiser is that external hose/part from the exhaust outlet to the drive. It's the one just below the U-joint bellows. They used to be connected on both ends (Gimbel housing and sterndrive) now it's just attached to the gimbel housing.
The term "Bellows" is indicative of a flexible hose per se'.
The exact name of the hoses/bellows aside... make sure that you have a flapper in the exhaust somewhere. THAT is what counts.
Hope that helps.