The L in JPEG XL stands for "long-term"[1]!

But people are definitely going to assume "eXtra Large". Lots of people. I guess a few will think "excel" (as in JPEG XL comes out ahead and is superior).

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[1] https://en.wikipedia.org/wiki/JPEG_XL

One L for Lossy, two for LossLess.

Does the one at the end of .JXL count toward the total? Nobody knows what it stands for anyway.

See I would think lossless is the one you have to specify. (Also, it stops being "large" when you extend this gripe to similar formats like AVIF and WebP.)