I have this same feeling towards a lot of tech blogs/articles/etc. The people writing use an acronym daily, yet people not in that field have much less familiarity with the same grouping of letters. Journalism/authors has (had?) a rule about clearly defining the acronym the first time it was used, and then just use the acronym for the remainder. Now, that definition seems left out altogether. It could be a sign of lack of formal training in writing, but I know I was taught it in high school level grammar class. <shrugs>
Not that it really matters/makes a difference, but presumably it's 'LookOut' - at least, that seems less weird/forced into a specific desired acronym.
As a noun 'lookout' (or 'look-out') is from verb phrase 'look out' anyway.