I always thought "Wireless Fidelity" was a stupid name...
WiFi isn't short for "Wireless Fidelity" (Boing Boing)
Wi-Fi doesn't stand for anything.
It is not an acronym. There is no meaning.
...
The only reason that you hear anything about "Wireless Fidelity" is some of my colleagues in the group were afraid. They didn't understand branding or marketing. They could not imagine using the name "Wi-Fi" without having some sort of literal explanation. So we compromised and agreed to include the tag line "The Standard for Wireless Fidelity" along with the name.