As far as I can tell there are several methods for naming lab groups:
Acronym. SALLY lab or MICRO lab.
Name of PI: Johnson Lab or Gutierrez Lab
Name of method: The Expensive Machine lab
Name of subfield: Underwater Australian Basketweaving Lab
Nonsensical jargon: Upstairs Nano Philosophy Green Lab
Of course you can mix and match. I’ve seen some nonsensical acronyms, and other combinations. Also the lab name may seem odd depending on the departmental context. If there are four labs in Underwater Baseketweaving, it seems odd to name your lab THE Underwater Baseketweaving Lab. Personally I’d have to go with the PI name or perhaps a subfield description. Of course some disciplines use the term “groups” or even the full out la-bor-a-tory.
This is undoubtedly some crucial inside baseball to ponder.