XB has had a tough time with names. OG XB was no different than OG PS, and 360 was worthy, but after that it all went downhill.
To me they are trying to incorporate last gen as much as possible, while trying to be able to easily distinguish between the X, and potential whY model soon to come, while also laying out a naming scheme that can last the test of time. Series blank, isn't much different than model blank. Like model S, E, X, and Y, from Tesla. It's easy and simple, and can be done in a way that's 'BC' and 'FC' throughout the 'gens'.
The problem is they're trying to incorporate too much into the name all at once, and it's very corporate sounding, because it's based more so on corporate thinking. Easy and clear? Yes. Cool and hip? No.
A good gaming name is laid back and/or casual sounding, not business and corporate. It's even better if it can be fairly legitimately tied to the gaming experience.