1. They're shorter.
2. They're the same length, which means in practice that a lot of code lines up in a way that's easier to read.
3. They look similar to one another, which telegraphs that they're part of the same set of list access tools. Code that munges lists looks like it munges lists.
4. Their meaning is precise: car just takes the first element of a list. Whereas something called first might reasonably be expected to also give you the first element of a vector, or a string.
5. When you're operating on lists as trees, the names first and rest are actively misleading. The car and cdr are the left and right subtrees, not the first and rest of something.