It does not seem silly to me. Coming from mathematics, single-letter variable names are the only acceptable possibility, especially in numerical code. I tend to read contiguous letters in a formula as products.
Besides, descriptive variable names violate the principle of "don't repeat yourself". It is better to describe the variable only once, in a comment next to its declaration, instead of several times.
Programmers should understand that not everybody who programs has a background in computer science, and certainly the traditional conventions of computer science are not universal and not generally reasonable. Many of us have a scientific background, where descriptive variable names are silly. We do not want our numbers to have meaning, that's the whole point of abstraction. Thus, they are named x, y, z, and so on.