It also serves to represent that Gen-X was the first generation in which a global catastrophe or global war was not relevant to the naming convention.
The greatest generation had the WWI, Great Depression and then WWII, the silent generation had post-WWII, the red scare, and the cold war. The baby boomers were the children of the Greatest Generation and had Vietnam. Gen-X saw.... undeclared military conflict, the winding down of the cold war, the 80s and 90s, cocaine. There really wasn't a generational defining incident in all of that. A lot of big things happened, but nothing like the previous generations. And the same was happening to Millenials, we were originally called Gen-Y because no one had a name for us yet. And it wasn't until most of us were already adults that we started to be called Millenials.
Gen-Y is now in the same process. They're still kids, we haven't gotten to retrospect yet. Gen-Y might not even be the name we associate with them in 30 years. It's just a placeholder, just like it was for Millenials, just like it was for Gen-X except it actually stuck for Gen-X.