The name of the game probably comes from dolphins echolocation ability. Another explanation I like to entertain is that the name is a reference to John C Lilly. He was a scientist who believed in an alien organization called the Earth Coincidence Control Office or E.C.C.O. He also studied dolphin intelligence and communication. He gave dolphins LSD in an effort to communicate with them. John C Lilly is an interesting rabbit hole to go down.
Probably both