From what I've gathered. It's not total gibberish. That's not to say it's always elegant.
I believe it's some style provided for the base game. So it's either going down a list of pieces to attach to itself to and thus comes up with odd ones.
Or it is using a functional list to go off of premade names.
Then again, as I've been playing D&D forever, I've used several name generators over the years, that are script functions that put together words from a vast list, and generate a name off or it. And some are thematic, because they are from separate lists. And some are based upon real world naming conventions.
What I feel so far from most of these is that they are very "Ancient" Earth inspired. From babylonian/roman/greek/thracian and others.
But sometimes, we get just ridiculous names. And maybe they'll reveal more details to us. So we can in theory maybe find out how they are generated so we can put in our own "bits" as it were.