Elon Musk's names for his kids are weird but this is not a new phenomenon. You may recall that Grace Slick named her son God. David Bowie named his son Zowie. Fank Zappa had a son named Dweezle and a daughter Monn Unit.

As to Walter I named my son James Walter Turnbull Stewart as he was born nine months after I visited the battlefield at Gallipoli where my great uncle Walter Turnbull Stewart was blown to bits by artillery fire at the age of 18. In that context I think that Walter is a perfectly good name.