Looky Loo as a phrase is fairly prominent on sites like babycenter and etsy. It is a cute play on words that kids love. Potty references aside I don’t see an issue with the name. There are also several photography shops that go by that name as well.
I honestly don’t care what they call it. Aside from family, I seldom shoot babies and having spent a career in electronics if I wanted something like that, I could throw it together from spare parts I have laying around. I simply provided my initial reaction to the name, and a more considered opinion after doing a few minutes research.
You raise an interesting point. If that name is already used extensively, it is a terrible name to choose because someone may have registered it, and if there are several photo shops using the name and none of them have registered it, they qualify as fauxtographers regardless of what they are shooting or the quality of their work. There is nothing like spending thousands on artwork and manufacturing, followed by an order to remove the product from the market because you are treading on someone else’s corporate name, brand or trademark. Even worse if you have to give the registered owner of the name money.
When doing in-house design, you can call the project anything. It is best to select a good name and make sure you have all the legalities worked out before you take it public.
Just saying …