"Perl" is not an acronym. The name came first, and some people put on some acronym-ish words onto it later (in other words, a "backronym", much the same way some people call LISP "Lots of Irritating, Silly Parens"). But in reality, it's just "Perl", no acronym.
The name is mostly a way of identifying who is "in the know" and not. People who use "Perl" and "perl" correctly can be identified as having some basic level of community knowledge. It's much the same as the fact that there is a trick to post to the alt.hackers newsgroup. This is a historically common way of seperating the chaff on the Internet.
"There is no shame in being self-taught, only in not trying to learn in the first place." -- Atrus, Myst: The Book of D'ni.