Riot is now Element

I don't like the new name, is too generic. I think an original alternative would have been better, like Trello, Slack, ...

I think those names are taken.

(Really though, Slack is as generic of a word as Element! It just had a strong connotation now)

People often get confused, they think the word is strong (Nike,Google,...) while the word nearly never is. As you've said it's the other way around, what the company evokes in us with their product over time is brought back to the name.

That does not mean that a generic name is fine.

It means that a unique, made-up word is fine because it will gain meaning. It may sound strange now because it is new and unknown but that does not matter because that will change. 'Google' went to a strange, made-up word, to being an everyday noun and verb.

In that respect a made-up word is the best option because you start with a blank slate and you can create its meaning.

Whereas a generic word already has meaning, several competing ones, even, and you have to struggle against that to build your brand, so it's an inferior choice.