Whilst I'm righting 'wrong info on the internet that like 2 people might care about', Kenji Kaido the game's designer said he came up with the name ages ago & thought it would be good for a shmup. Then he used it for this game & no-one queried it, so it stuck. He smoked Camel cigarettes and ....
btw, the title "Cameltry" was apparently the result of one of those gonzo initiatives from Taito management—there was a brief window where they were making devs pick names from a pre-approved book of random titles, and this was one of em (as was Volfied, iirc)
