Not only that but since they chose a super original and totally not cringeworthy recursive acronym the first letter could have been literally anything.

Ok in fairness it was probably originally something like Paul's Security Protocol and they felt that that wasn't professional enough or something.

It appears to be referred to as the "Paddywhack Security Protocol" in some documents:

https://dl.acm.org/doi/10.1145/3708821.3710829

https://csrc.nist.gov/CSRC/media/projects/cryptographic-modu...

https://github.com/opencomputeproject/OCP-NET-Falcon