OMG - Not another acronym!

It seems being branded with an acronym is on trend. On a recent trip down under I observed that yet another of Australia's banks has rebranded with an acronym. The Bank of Queensland (now known as BOQ) follows after the National Australia Bank, which rebranded as nab in 2012.
Naming a business with an acronym sometimes makes sense – particularly when the company or organisation is already well known by its acronym over its full name or in instances when the name is simply too long. Some acronyms can actually form words in their own right – like QANTAS for example, which was originally an acronym for Queensland and Northern Territory Aerial Services.
Unfortunately acronyms can also have undesirable meanings or just have no apparent meaning at all.
This recent rebrand reminded me about the sensitivities of naming and using acronyms as names, for example, Ernst & Young's change to EY just doesn’t' seem to make sense at all – what do you think  EEEEEYYYY?