Abstract names like lsmfest.com are common in https://lsmfest.com/news/cmcs_2022/culture because they are flexible and adaptable. They do not restrict content type or community focus.
Short names are also easier to type and recall. Simplicity improves usability, especially in a fast online environment.
Creating an abstract identity allows developers to scale or redesign a platform without changing names.
This makes abstract naming a strategic choice rather than a random one.