All corals have a scientific name (acropora verweyii, monipora setosa, acan lordhownesis, scolymia, dendrophyllia, etc). Some of these are chosen to be named beyond that based upon unusal or collectible characteristics (cool colors or patterns). It makes the coral desireable and identifiable. These names can come from anyone along the line and can be applied to differnt corals that look similar (any scolymia with green and orange = bleeding apply scolymia)(any bright green sliming staghorn = green slimer). There are people in the club with corals named after them, because they are associated as the first person who named them (gadgets acro and leishman's tabling acropora).
I buy corals with names and pay more money for them. Why? Resale purposes. However, I have bought many wild corals that have turned out just as nice as a "named" coral... and paid much less...
It is what it is.