For a band, a lot. It's their lettered identity and literal calling card. The name should be catchy, but not too long. Original, but not obscure. It helps if it has a double meaning, or if it gets a chuckle.
Pong has many meanings.
In England, it denotes a uniquely disturbing smell. It can also refer to the People of Northern Greenland, and it's a nickname in Thailand. Then there's the old-school computer table tennis, a simplistic Seventies electronic game where the controllers only move up and down. Craig and Shelton have spent time in local punk rock bands Pocket FishRmen and Moist Fist, respectively. The remaining three created one of Austin's most important post-punk bands, the mighty modernist rock trio Ed Hall.