If 'it' is unnameable, there is no way to circumscribe or even describe what 'it' is. Even to show that what it refers to is an empty set, we need its description. If we use concepts like intention and extension, we can sketch out four scenarios:

extension, no intension (yes, we can point out things, which we can't describe)

extension, intension (we point out, and we describe)

no extension, intension (Yes, we can imagine and describe things vividly, but no referent in the world. Here, one can say these things exist in a Platonic world, but not the world we live in; this is where numbers, sets, ideas can exist. Neo-Platonism in Philosophy of Mathematics)

no extension, no intension (this paradox falls in this area).