No one who was involved in naming the company has ever asked themselves that question, but it might be a good thing to consider for the devs wearing "Defend the Shire" shirts around.
The whole story is such a direct fable of the danger of powerful tools being used perhaps initially with neutral or good intent but ultimately serving the interest and aims of powerful evil people, how the very power itself will inevitably corrupt the bearer and how some tools are perhaps just better off never ever being used. With a company actually called Palantir, is this just lack of awareness or is it nihilism?
Far too fitting indeed.