Previous company I worked with once ended up with Project Erick, after a CEO brain fart led to a meeting where he kept referring to (present and accounted for) John Erickson as 'Erick Johnson'.
Typically a team would be "named" for its location, general responsibilities, and/or the codename of the project they're working on, particularly if they're large enough to have an actual COO and a "Director of Development".
A project codenamed FizzBuzz is not out of the realm of possibility, but it would strike me as a very unusual choice to name a project after a programmer interview test....
Our current teams are named: "Team America 2", "Kill Kenny" and "Etablissemanget" ("The Establishment" in swedish)