The naming / marketing of the vulns helps get the word out about the vulnerability. However, it's definitely something that should be reserved for those vulns that affect a larger number of systems severely.
The hype comes from people not understanding the impact, pure and simple, and overinflating it as it gets passed around. The name just makes it easier to pass around in the process.
A good solution would attack the understanding of impact part of it--maybe a severity rating system like we have for tornados, earthquakes, or other catastrophic disasters?--not so much the naming. Making it easy to talk about is great, as long as we make it easy to talk about accurately.
I have a vuln I was considering naming, but after BadLock I'm strongly reconsidering it.