I heard that Rust was meant to capture the spirit of the language. It was meant not to have a lot of knew ideas (although, as it turns out, language design always leads to new ideas). We have a sort of informal rule to not include research that's less than 10 years old, so we can build off of ideas that have had a chance to prove themselves. We're bending that rule a bit now, of course. The idea was that Rust would codify and provide language support for patterns that have worked well in making large software like Firefox fast and safe.
TBH the name does make me think of rusty metal, as in dumped cars which are old and broken. Not sure that's the best mental image to create from the name of a new technology...
