If they were always the same two (or three) words, fine.
But if there are multiple such encoding systems, any set of three words (foo.bar.baz) is ambiguous. Because it depends on the system being used.
So sure, someone might remember "foo.bar.baz". But "foo.bar.baz" in W3W might be in SF. But in Hanoi by some other system.
And then we get to the need to pay W3W to generate those codes. That's crazy bullshit.
And because it's pairs are increasing in area, I can state that I live in IO93 and it narrows it to:
https://www.karhukoti.com/maidenhead-grid-square-locator/?gr...
or I could give the next 2 characters to narrow it to a 1km x 1km (roughly) area that covers my town, or the 2 letters and 2 numbers that give a small area that pinpoints 2-3 houses on my street.
It's not really any more complex or hard to remember than a standard postal code or zip code.
If you want to make gibberish word like objects it's probably possible.