Why is Tao called Tao?

Can you please elaborate on the origins of the name "Tao" and its significance in the context of its usage? Specifically, I'm curious about why it is named as such and if there's any historical or philosophical underpinning to its choice. Is there a deeper meaning behind the word "Tao" that ties into its application or is it simply a chosen name without much significance beyond its auditory appeal? Understanding the rationale behind its naming would greatly enrich my comprehension of its essence and purpose.