I think that's being rather harsh - to me it's trying to link a Trello style community/team tool on top of Github. And as someone who has tried to get a largish team, including non developers, to collaborate using existing Github features this might well be a good idea.
Also the name - very few domain names seem to have much connection with the domain anymore, picking on this crowd for having a weird domain name hardly seems fair when everyone pretty much has weird domain names these days (unless they have boat loads of cash).
Edit: If anyone from waffle.io is here, first of all well done - looks like an interesting tool, secondly I'm not sure your "Why don't you open source your workflow?" is doing your product justice - I was slightly confused when trying to understand that first diagram, but maybe that's just me. When I scrolled further down the page and saw the example it all seemed clear - but not everyone might scroll down.