The "i/p/z" part of the project name is important, because it represents:
i - the lineage of the AS/400, which was a 'minicomputer' design from the 80's designed for multiple users, which came up with the idea of "wizards" for administration tasks before there was even a name for a "wizard." The "i" means "integrated," since IBM i is meant to require very little administration. [2] [4]
p - the lineage of the RS/6000, which begat AIX UNIX. The "p" indicated "performance." The box I worked on shipped at 5 GHz in 2008 (IIRC).
z - the lineage of the System/360 mainframe which the above article discusses. The "z" indicated "zero downtime."
The control structure and power and cooling infrastructure for the systems used common elements with that project. The hardware and firmware underneath the operating systems for i and p converged into Power systems, which eventually produced a variety of projects in the open source community (OpenCAPI, OpenPOWER itself, OpenBMC), and of course runs bi-endian to support things like little-endian Ubuntu or the classic Big-endian AIX or i/OS on the same processor core.
Interesting trivia - In IBM systems (Mainframe or Power), the cold boot of the processor from an unpowered state is called an "Initial Program Load," or IPL. The IPL lingo dates back to System/360 (see its Wikipedia), and survives to this day in really interesting places in the wild. Take the OpenBMC project, which aims to create a 100% open source software stack for those sideband management processors found in servers (and increasingly in other devices too). This github bug from a few months ago which complains about a bug causing "IPL" problems. [3] ;-)
[1] https://www.theverge.com/circuitbreaker/2018/11/12/18087470/...
[2] https://en.wikipedia.org/wiki/IBM_i
[3] https://github.com/openbmc/openbmc/issues/2831
[4] edit - fixed "70's" to "80's" per https://news.ycombinator.com/item?id=18494866 ;-)