If that's the official reason given, I think they're being very naive.
In fact, it makes no sense. Three little letters will frighten off rugby events and pop concerts? Really?
There is no justification - commercial or otherwise - for the paucity of club branding around the ground. They've made little effort to make it our home. It's a lovely facility - let down by a lack of finishing touches (no screeding, really?) and a reluctance to brand it as something organic rather than purely commercial.
I'm pretty sure this was the trade off in getting stadium sponsors. After 35 years of Kenwright, nobody wants to be associated with relegation-haunted, points-deducted, no-full-backs Everton.