It's not some sort of goal-oriented nefarious plot to keep poor people out of the rich people's club by alienating them through language choice. It's a realist description of how early stage startups actually work empirically, irrespective of whether we approve of the nature of this socioeconomic phenomenon.

When you have no proof at all that your concept can actually become a profitable business, no commercial investors will touch it. It's far too risky compared to their many other options. The only people who get investment in such an extremely high risk scenario are those who happen to have rich friends and family. These investors will take a punt on them just because they like them personally and they can afford to lose the money, which is overwhelmingly likely.

It's not the name that gatekeeps, it's the necessity of having the network in order to access capital. The name is honest. These days, at least you can try kickstarter.