“I had no idea what it meant or was used for, thus assigned it a “descriptive name” when collating the symbols for the STIX project.”
Nobody knows what ⍼ means. It came into Unicode by way of a 1991 ISO entity set for SGML, and the person who named it for STIX admits to guessing. Unicode now preserves it forever with no meaning attached. Standards bodies copy each other faithfully and check nothing.