It can also create more problems. If you name something like companyname-production vs companyname-qa, you pretty much know right off the bat which environment you are about to mess up. Not so with random names or UUIDs.
This is also security by obscurity. If all one needs to know is the bucket name, you have already lost.
EDIT: As an exception to this, I randomize a portion of the bucket name when it is created by automation. But this is solely to avoid name clashes across separate clusters. The prefix will still be the same.