APL was never meant to be a golfing language, but for other reasons it became very concise. This language is meant as a way of shortening APL as much as possible.
The name of the language consists of a length-zero string. In APL, such as string is denoted ''. Traditionally, the quote character was found on the K key of APL keyboards; K as in Quote, since Q was taken by Questionmark. Hence, "Kuote". The pronounciation of this language's name is really just a mnemonic spelling of the APL expression which would return the language name as result.