First it was named after an old school game where you walked in a circle and sat down when the music stops. The first person to sit won a cake. At least this is my impression of that game. I never played it.
The second name is after a function commonly used on military submarines to track the enemy.
Both are better than "Fruity Loops" or similar.
My outlandish guess as to the first name is maybe because it was originally only a midi sequencer the sequence was
compared to the "sequence" of the game Cakewalk. That is a SWAG. Scientific Wild Assed Guess.