I think they just choose W, because it's the letter before X (former twitter). Apart from the EU leaders and politicians stroking each other egos, I hardly think anyone would be there and it would die out in few years.
we need a Y social that's just a static website encouraging us to go outside.
It will serve it's primary purpose of separating criticism from direct association with EU politicians posts. They also hate community notes.
Given how bad X was as a company/product name, basing your own company name off that certainly seems like an interesting choice. X at least has the fact it's rebranded Twitter bringing in attention.