That is what I don't get. If its 50 ohm output impedance as advertised surely it should be calibrated for 50 ohm loads?
No, if it's 50 Ω output, it means that it's voltage will be divided by two when loaded to a 50 Ω load.
Just because:

where Z1 is a generator output impedance and Z2 is a load impedance.
for Z1 = Z2 = 50 Ω: Vout = V1 * 50 / (50+50) = V1 * 0.5
when you connect 75 Ω load to the generator, the voltage will be different:
Vout = V1 * 75 / (50+75) = V1 * 0.6
So basically the generator does not measure the loaded output voltage directly?
No, it doesn't measure the voltage.
For what reason it needs to measure it? This is not multimeter, this is generator.
