So they discover the concept of eating your own dog food
If it's a weekend Flash game, fair enough. If it's a payment processor, and real customers are going to make or lose real money, that would absolutely count.
Hosted web operations seems like it's more in the second camp than the first. If their product has bugs and starts trashing backup servers, there's going to be hell to pay.
To me, "fuck it" has a defeatist connotation that really has no place around something that you are proud of.
IANAL, but should they be worried about trademark infringement? Seems like a risky name to choose.