The "most correct" pronunciation of Quay is "key", as that link says, but the CoreOS team always pronounced it "kway".
(I assume this has carried through to Red Hat.)
(I assume this has carried through to Red Hat.)
However, when I worked at SUSE a running joke was: as long as you love using it we don't care how you pronounce it.
English is not a good place to go if you are looking for intuitive pronunciation.