I'm just curious.
does it use pre-typed names and put them together?
Do these names mean anything?
Are words the names are made out of taken from a certain language?

And how does it determine what name it should give to a certain waystone?

okay thank youuuuuuuu!!

It takes one of each from these three lists and chains them together.

Completely random, the words don't have meaning and are made up.