"Lite" is such a bad name, it's often a positive signifier that describes low resource usage/costs. It should have a more negative name, like uBlock Origin Reduced.
If you titled an adblocker "uBlock Crippled Edition", you might be protesting Google, but the unfamiliar end-user is just going to see it and think, "Well I certainly don't want a crippled adblocker! Let me just grab one of these numerous others from the appstore that claims it's 100% effective."
You don't need to be "intimately familiar" with the limitations of ManifestV3, a casual understanding, from perhaps an explanatory note in the description of the extension, is sufficient to understand such a name.
Third sentence:
>This means that uBOL itself does not consume CPU/memory resources while content blocking is ongoing -- uBOL's service worker process is required only when you interact with the popup panel or the option pages.
¹of technical concerns.
It has the connotation of being "Lite" since they're low-mass particles. And it sounds vaguely like "neutered", which is what MV3 attempts to do to ad-blockers.
(That being said, this description from gorhill looks great.)