I think the B-Wing was named for how it looks when "standing" on its long wing directly opposite the cockpit end. In that position its main body and crossbar look like the vertical line and midpoint of a B, with the upper and lower loops removed. Still kind of a poor resemblance, I know.

But what really bugs me about the B-Wing is that the ILM guys intended the whole wing structure to rotate around and around, while the cockpit stayed level with the "ground," as they called it. But it's space! There is no ground! So there's absolutely no reason for that feature beyond "it looks cool."

I'm undoubtedly taking things too seriously for a simple space opera. But it still seems a ludicrously impractical feature for my money.