If anyone else has a more logical or factual explination of this please offer it, but a thought popped into my head the other day for no good reason but follow me here.
The name Nikon if I recall was a basically combination of Nippon camera and an attempt to copy the then popular Ikon camera name from Germany. Thus N-Ikon.
So before everyone gets on their high horse that Canon would never do something like this, there was a time when both Canon and Nikon got into the market by basically making copy-cat nock offs of classic german cameras like Leica and Zeiss rangefinders.
So the idea of the origin of L popped into my head. Could L and the red-stripe be a lens marketing attempt to brand a Leica-esk image on Canon pro glass? Remember L lenses started in the FD line-up, not the new Eos line from the 80's. And Leica nick names are things like the Red Dot. Canon "L" lenses use a red line. Why not just use blue, green, yellow, or gold or platinum for the line?
The L line-up came out around the time of the first pro-esk Canon camera the F1 if I recall, which clearly was an attempt to market the then 35mm leader Nikon and their F bodies. So Leica would have been a very well known name aswell, and in-use high end lens by the photo community around this time. Likely more so then today.
I have no facts for any of this just meer speculation, and a desire to start an off the wall thread that doesn't discuss focus issues, IS or why your 5D II whatever isn't up to par.

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