Yup, the IE devtools are named "F12" after the keyboard shortcut:

http://msdn.microsoft.com/library/ie/bg182326%28v=vs.85%29

(F12 is also the keyboard shortcut for opening the developer tools in Chrome, Firefox, and others.)

By this reasoning 'paste' should be renamed to CTRL-V.

So when Google calls a virtually chromeless browser "Chrome" it's ok, but when Micrsoft calls a tool after its shortcut key, it's stupid?

"In design terminology, ‘chrome’ refers to the non-webpage parts of the browser’s interface – the toolbars, tabs and buttons – because our design philosophy was “Content, not chrome” – putting our focus on minimizing the amount of browser UI present, we felt it cheekily appropriate to name the browser Chrome"

http://www.thewindowsclub.com/google-chrome-reason-revealed

It's great to see humor from MS.