Graphene is a 2D sheet of carbon atoms forming an extremely strong and thin material. The properties of the material make it a fitting name for the project.
You can easily make small amounts of graphene yourself that way. It's not an exotic material. It's only hard to make a large sheet of it. It was a neat name for this project based on the simplicity and yet immense strength of it.
The previous name being Android Hardening Project it made sense to evolve the branding this way.
It has no relation to any biological applications that people might infer.