AWK is from the names of the programmers who invented it: Alfred Aho, Peter Weinberger, and Brian Kernighan. It is more of a language interpreter than a program, so the name is more about the language than the interpreter itself. There is a certain tradition of using acronymns for naming languages (LISP, Algol, Perl, Fortran) and using names of people (Pascal, Ada), so AWK combines the two traditions.
One of the best tools ever for disentangling output on the console.
Some of the strange GNU projects still follow this tradition. So GIMP, even it is sometimes criticized for its name, is actually quite logical: GNU Image Manipulation Program. These are usually the most successful.
A lot of the furry creature names are completely useless in my opinion.