Immediate reaction: Well, now there's Peloton, the fitness tech company, Peloton, the self-driving truck caravan company, and Peloton, the cluster scheduler...
I remember when Mozilla got such heat for “usurping” the Firebird name (due to the name already being used by Firebird BD) - they then changed to Firefox.
Does Uber get held to the same standard or do we just assume all names are overloaded now?
Peloton is a somewhat common French word for "ball" that became common in English as a sports term for a grouping in a bicycle race, by way of the Tour de France. https://www.merriam-webster.com/dictionary/peloton
In addition to what others have said here, "peloton" also means "fearless" in Finnish.
I have no idea if or why they would've used that or if they're just referring to the cycling thing, but I guess "fearless" could also be kind of fitting for this project.
https://pelotondb.io/