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Why am I having a feeling that one of their reasons was so they can trademark "iQ", to match the iSomething "franchise", so to speak?

Apple dropped the "i" naming scheme many years ago.

iCloud, iPad, iPhone, iMac, iMessage, iOS/iPadOS, iMovie?

Granted, they are slowly but surely killing it, but it’s still going quite strong.

It's not used in new products.