Ackshually the Palantir were made by the Elves of Valinor, and weren't made as a tool for evil.

In fact, there's a very interesting theme there: The Palantir are only as useful as their users are wise. The power to see is disastrous if you don't know where to look and how to interpret what you see.

If they named it with that in mind, I'd say it's a very thoughtful name, and a prescient caution. But I doubt it.