I worked in a fish market for many years, and the story I was told on why it got the name of fake lobster (or poor man's lobster as I heard it called) is because it has a similar texture and its mild flavor allows it to take on stronger flavors it's cooked with - like lobster. So you take a bunch of monkfish and cook it with some lobster, and now you've got a bunch of lobster meat. I've also had it wrapped in prosciutto, and that was very good.