Everyone here has been wrong so far...
The Development Team just simply forgot to include the name. During all of the time it was developed, it had a simple "X" in place for the name. The mostly ignorant intern that was supposed to remove the "X" on all of the proposals for the head honchos forgot to. So, the team behind the console didn't want to look stupid at the meeting with the head honchos, so they simply stated that "yeah, the name on the powerpoint is correct, it is the "X" box or Xbox.
I can't believe that you all don't know this!
It is near the end of the end....







