V and U both used to represent the /U/ sound.

The pointed form ⟨v⟩ was written at the beginning of a word, while a rounded form ⟨u⟩ was used in the middle or end.

In old English W used to be written as two Vs.. so VV which later became one letter, and since V was still U the name.

And yes.. I am fun at parties 😅