Most big game studios don't have any rhyme or reason to their names. As long as the name isn't super long or hard to remember it should be fine. If anyone in your group has a strong feeling about a name, just let them use it. Otherwise, pick some random words and go from there.
For instance, I went over to a random word generator and pressed the button a few time to get:
- Bush
- Jacket
- Psychology
So... Bush Jacket. Your studio shall henceforth be called Bush Jacket. Can't wait to see Bush Jacket's first release.