GOW = God of War because it's been around longer, and that's what I'm used to it being.
GeOW = Gears of War because it came out after God of War, and that's what I'm used to it being.
GoOW = nothing because God of War already has an acronym.
EDIT: Here's one reason why GoW/GOW is accepted to be God of War:
http://vgchartz.com/forum/thread.php?id=61513
That's right, a thread titled "New GoW III scans." Guess which game that is? =)
http://vgchartz.com/forum/thread.php?id=61501
Read through this thread. People are just used to GOW being God of War. Why change it?