I don't think you can change, as they consider these component names to be an app name (the same way as JIRA has Bamboo, Confluence, etc.)[1] In the actual UI they do include description on what each one is[2] and you can activate Serious Business Mode[3] to tone down all other jokes in the UI.

Everyone in our development team eventually get used to the names, and everyone loved all the little jokes, so we leave the Serious Business Mode off, though.

On the other hand, you can customize the sidebar, deactivate stuff the team is not using, and such. Default install is definitely overwhelming.

[1]: https://www.quora.com/Phabricator-Why-is-the-Browse-feature-...

[2]: https://files.grid.in.th/iXMhtQ.png

[3]: https://secure.phabricator.com/book/phabricator/article/tone...