Take a look at Intel's Alchemist, the mascot for its first Arc GPUs

[Gastec]

Would some jumble of letters and numbers have been better like Intel's CPU naming schemes?

Those "jumbles" of letters and numbers are engineering naming schemes and are present in all industries and us engineers like them. The commercial names of the products that WE make should be user-friendly but not necessarily dumb-gamer-friendly. I'm a gamer myself, who has played a lot of WoW in the past(mostly as a druid and other MMO's and single-player RPG's but the name "Battlemage" for a video-card or GPU makes me want to puke.