Not that I think the name is that great, but "fake" in this context is used to mean that the app can fake things.
It matters a lot more what it sounds like to people who've never heard of it before. It's like if I were to create an app called "Malware", people aren't likely to dig deeper and find out it's a random Malcolm Reynolds quote widget.
"Fake" is such a negative word, were better names taken? "Faux"? "Pseudo"?
fake is so much easier to spell in a url than "faux" or "pseudo". It's actually hard to misspell "fake".
The name is OK I suppose, but it makes for an incredibly confusing headline on any sort of social network. Certainly don't start anything with "Fake -" or the first question everyone will ask is "is this real?"
I actually like the name, it's descriptive and short and sweet. I think if he changes references to "Fake" to "Fake.app" it will remove any confusion.