The technology sector as a whole is pretty well-known for its tendency towards neologisms. It’s fun to make up words… it makes you feel like an artist in an otherwise dry field.
The funny thing is, we’re forced into it. Nobody wants to pull a stupid string of unpronounceable letterforms out of their ass for their new website, nobody wants to cram together and midcapitalize several ordinary words for their new product (except Java developers), or leave out every second vowel and swap letters for numbers (except the tragically l33t). Nobody wants to prefix all their software with an ‘i’ or suffix it with an ‘X’… not really even Apple, people just want a cool name.
Unfortunately, all the cool names are taken because the trademark police are a pain in the ass, and domain squatters have managed to automate the process of registering every imaginable combination of dictionary words already. Welcome to the web. Invent a word and stake your claim.