Also, Back In The Old Days memory was very expensive and precious so short identifiers were important. Often labels were tightly constrained, for example being limited to six upper-case characters so they would fit in a single word.
More characters on the other hand prevents many potential types of mistakes, such as meaning one statement of target and actually entering another.
The concept is to make things easier for people who are familiar with the language. Making things harder for that group is always counterproductive, because they are the only people who can do any useful work.