Earlier quoted context omitted.
Probably just drawing letters from the alphabet. It's like the question: why do we use "x" to denote the unknown value in mathematics, most of the time?
The drawing random letters is true for the lambda in lambda-calculus, but not true for (at least some) combinators. e.g. the K combinator derives from Konstanzfunktion, and I from Identitätsfunktion[1]. So I do think it is an interesting question why Y, and we can't just assume it's arbitrary. [1] https://www.johndcook.com/blog/2014/02/06/schonfinkel-combin...
> Y because the letter Y has one stem which splits in two, just like what the function does. That’s probably the reason, or at least that’s how I look at it.