Aside from the ‘ they need to call it something before the marketing team figures out the branding’:They may not want information about them working on the console at all to be out early in the dev cycle. If someone hears about the Skidleyboop project or whatever it’s code named, all their competitors know is that they’re working on something. If they hear about The Suns In Four Boxing 2021 Shirt suddenly that’s a whole thing and these are the people working on it and etc etc.Code names being the norm also disguise other new projects. If information about the fact you’re working on Gerbil, Falcon and Moose gets out they know you have three things going on. Chances are most of them are routine and boring. However if those are publicly titled Some New Peripheral, New Software Revision and PROJECT FALCON , suddenly everyone is really interested in the third one, because clearly that’s some big shit.