As far as I understand it, grep was named for the :g/.../p sequence one can do with Vi's global command; that is "global-regex-print".
It's much older than vi (1976 vs 1973):
http://en.wikipedia.org/wiki/Grep
I believe it's more useful on Windows machines, which for some reason usually come without preinstalled grep.
It's much older than vi (1976 vs 1973):
http://en.wikipedia.org/wiki/Grep