Although I voted 'Yes, and it does taste like crab', I should note that I have had crab that does not taste much like immitation crab (particularly the canned kind).
However, whether or not it tastes like crab, I still like it. (Much as I like artificial bacon bits, even though they don't taste like bacon.) I get the feeling that immitation bacon bits came before real ones, at that. I never saw real ones before this century.
Anyway, I love immitation crab on non-sweet lettuce-based salads, with such as Hidden Valley ranch dressing.