It's emulating an actual synth by that name that was released in 2001. It's also not a very original name. What's next, The Prodigy being named after Moog's Prodigy?
It’s not emulating, its simulating.
The Machinedrum is a drum machine created by Elektron in 2001 the title only reflects this. That's interesting though since I think the musician Machinedrum released his first album in 2001 too
I've always thought he named the act after the instrument.