We have an internal name and our product name. Internal names start as something that describes the project/repo/tool. Then within 18 months the name no longer makes sense so we rename it to some random name - state names, lake names, presidents, mountains, etc. It's just a placeholder.
The public facing product name is a compromise of marketing, trademark, and what gets approved by the CEO. Even the company name might change in startup world. No joke: the startup next door had to change their name because it was too masculine, and they realized more than half their projected market was women.