Yes, the rationale is that ‘OpenType Layout’ is the term used by Microsoft and others to describe text shaping capabilities of OpenType (https://www.microsoft.com/typography/otspec/TTOCHAP1.htm) and ‘OTL’ is a commonly used initialism. It has proved very useful in situations where ‘OTF’ would often be ambiguous.
Indeed the introduction says
perhaps "TTF", "OTF" or "SFNT" (the names of
commonly used TrueType and OpenType font formats
which is clearly using OTF as a format not as a layout type. I'm going to commit the change to OTL for this parameter.
From Grzegorz Rolek @grzegorzrolek
https://twitter.com/grzegorzrolek/status/662471907674079232
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