Indeed, I get the idea behind the name, but there is certainly a dash of irony here being that it is an LLM, who knows if it was "ethically" trained...
We do use LLMs, but the secret sauce is an approach we call Factored Cognition which we wrote about here: https://ought.org/research/factored-cognition
(Elicit the company and app was spun out from Ought the research lab).
We do joke internally about the homophone (in fact, IIRC we did a little joke on our CEO by rebranding for his birthday in 2022) but I'm sorry to report that we're all careful, ethical, and well-behaved people :(