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Linux Directory Structure - FHS
(lemm.ee)
From Wikipedia, the free encyclopedia
Linux is a family of open source Unix-like operating systems based on the Linux kernel, an operating system kernel first released on September 17, 1991 by Linus Torvalds. Linux is typically packaged in a Linux distribution (or distro for short).
Distributions include the Linux kernel and supporting system software and libraries, many of which are provided by the GNU Project. Many Linux distributions use the word "Linux" in their name, but the Free Software Foundation uses the name GNU/Linux to emphasize the importance of GNU software, causing some controversy.
Community icon by Alpár-Etele Méder, licensed under CC BY 3.0
According to this, it's been around since the 70's and was originally just a catch-all for files that didn't fit in the other default directories, but over time has come to be mostly used for config files. I assume it would cause utter mayhem to try and change the name now so I guess it just sticks. Someone suggested "Edit To Configure" as a backronym to try and make it make more sense if that helps anyone lol.
I too expected it to be "et cetera".