I don't think its necessarily contradictory... more poorly worded. The name should hint at what it does, either through a direct correlation to the business, like Facebook, or by describing a quality the business has, like Amazon ("large selection of goods").

The idea here is to be "Facebook", not "College Students Directory". In other words, hint at the business while still being untied to anything specific.

Thanks for the feedback; I'll revise the copy.