The PlayStation Move originally may have had a far more technical sounding name according to Shuhei Yoshida, President of Sony Worldwide Studios. Shu elaborated on the story in conversation with Mark Cerny, lead architect of the PlayStation Vita and PlayStation 4, at the Computer History Museum. Mark Cerny said:
…I remember the Y-Con, which is I think a story we’ve never told, as to why the Move was originally called the Y-Con. I hope you remember.
To which Shuhei Yoshida replied:
Yes absolutely…Y-Con was the codename, project name, for the PlayStation Move motion controller that we released for PS3. And the SCEA R&D team, very smart software reserarchers and engineers, and named this project Y-Con, because this project was one of the very first hardware projects formed with three groups; the software engineering team in SCEA, the hardware engineers in SCEI in Japan, and Worldwide studios teams.
Because of these three teams Richard Marks called the project Y-Con.
So essentially, because there were three different teams, the three points on the letter Y, represented the different teams involved in the project. This technology is of course now incorporated into the PlayStation 4 controller, and the upcoming VR device, Project Morpheus.