That's some of it, but also it's just to see if we can come up with a better name than Daala. We also have to check trademarks, etc. There hasn't really been any major discussion around the name yet on the netvc mailing list [1]. The first netvc working group meeting will be in July at IETF 93.
[1] https://mailarchive.ietf.org/arch/search/?email_list=video-c...