So I thought of some possible reason to why they picked such an odd name.
Google is one odd name but it got stuck to people that it became a verb. Instead of saying, "search it on the internet", people say, "google it up". And instead of saying, "I'm trying to look for this stuff on the internet", they say, "I'm googling this stuff" or "I googled this stuff".
So while I'm kept amused by how 'google' became a verb, it struck me, could it be that Bing is a recursive accronym for BING Is Not Google?
I also play with words when I name a new project. Like for my WRS project, ZINC Is Not CMS or my game engine project, KAGE Ain't Game Engine. Simply had it based on GNU -- GNU's Not Unix. :D
So I wondered, why BING? and not LING (Live Is Not Google) or MING (Microsoft Is Not Google)
Was it a tribute to Bill Gates?!?... maybe Bing could mean, Bill Is Not Gay -- or so they say. :D