Marketing your game is usually a pretty drab affiar but when the developers get involved in marketing their technology, things get really interesting. Take Epic for instance and their proprietary Unreal Technology. They're up to version 3 now with 4 coming out relatively soon and their engine boasts a number of confusedly named components. Gemini, Cascade, Kismet, PhAT, Swarm, Matinee, and now Lightmass and MCP. If you've worked with Unreal Tech some of these may sound familiar, but if not, you're probably pretty confused right about now. Who would guess that Kismet is their visual scripting tool? Or that MCP (named after the antagonistic A.I. in Tron) would be their gameplay statistics tool.
It's an interesting brand marketing strategy especially since most companies just use acronyms. For Mark Rein it probably makes things easier for him to be able to spew out cool sounding names like PhAT or Swarm during a press event and I'm sure the public eats it up. For the developer interested in licensing their technology, does it really matter though? Sure, Matinee makes sense as their camera scripting tool but does cascade bring to mind at all particle systems and effects? Does it describe in any coherent way what it as feature does or how it can be utilized? The value it brings to a project?
We did something similar at Raven with names like Icarus (our scripting system), behavEd (the scripting system editor), Ghoul (the dynamic dismemberment system), confuseEd (dynamic object destruction), vertigons (surface sprites), etc... In the end it becomes something cumbersome and annoying to have to deal with the ambiguity but it does add a bit of extra flavor to an otherwise drab sounding feature.
At id, naming engine iterations with the idTech prefix makes a whole helluva lot of sense but outside of a few interestingly named systems (like AAS - area awareness system), the idTech 5 renderer is just, the renderer, not Lightning or Talon or some other pointy sounding name.
At home I tend toward the simplistic. Right now the engine I've been developing on and off the past 9 years is called the AREngine (which I do plan to backronym as some point). I'm just finishing up a shader graph based permutation system which I blandly call MaterialV2 (Material version 2, despite this being the 4th iteration of my material system - it's the first one I've developed in-place with the previous still functional). Here is a feature that could be a key selling point of the engine and it ends not in an exclamation mark but a period.
If you want to get excited about what you're working on (and get other people excited as well) you usually have to add a bit of edge, which is I think what Epic has done. Having said that, attaching a catchy name that represents what a feature is about is the hard part. The easy part is falling into the name game trap.