That's pretty cool. There are some interesting names I've never gotten - most recently had "the Pillar that is Purity" for my latest MP pretender. I guess there must be some way to calculate which titles you get, but there's probably a random element to it too.
There is an element of randomness, but both the magic you pick, how much of it you pick and the scales you choose have an effect. Some titles are only available for certain nations, e.g. Lord of the Smouldercone is Abysia only.