Terminology makes understanding the game much easier. It's particularly useful when explaining an exact scenario to a friend, and it's useful when teaching intermediate players. Back during the infancy of Brawl the Pit boards were a mess. We starting coining terms such as Arrow Looping, Arrow Raining, Arrow Swarming, Wing Canceling, ARCing, Wing Renewal, Wing Dashing, ect... As you can see there were a lot of them and a lot of people saw it as a pointless practice. That said, my tutoring sessions and guides would've been incredibly difficult without this lexicon in place.
In short, I feel that creating a serious set of terminology to be crucial to the development of the competitive community. Keeping things simple such as, Snaking, Teching, L-Canceling, ect. is probably the best route for us to venture in.