Palantir really doesn’t make sense. It’s like developing a bulletproof vest and naming it Horcrux… sure, in the HP world a Horcrux does protect you from death, but it is very associated to evil, so no one who is really fan of the saga would choose that name, especially for a publicly known product.
Then again maybe they just asked an LLM “I have a surveillance solution. I want to name it after a fantasy concept. Any ideas?”
a) buffoons who have surface level comprehesion of LoTR,
b) impulsively decided on a famous fantasy name for their tech (surprisingly common), or
c) playing up the "morally ambiguous" trope. Palantir serves evil as a service to whoever is willing to pay (USFG).
My money is on c.
Thiel's associate Musk has been accused of (a) with regard to Iain M Banks' Culture series.