Wikipedia says "Originally BEAM was short for Bogdan's Erlang Abstract Machine, named after Bogumil "Bogdan" Hausman, who wrote the original version, but the name may also be referred to as Björn's Erlang Abstract Machine, after Björn Gustavsson, who wrote and maintains the current version."

Whether the B is for Bogdan or Bjorn, there's something really fun and Space Quest-y about it.