The name Loch Mhabain is possibly a corruption of Loch Mhaol Bheinn ("Lake on the bare mountain"), or may mean "Loch of Mabon", an ancient Brythonic god, as the Roman name of the area was Locus Maponi, according to the Ravenna Cosmography.
W.J Gruffydd proposed that the tale represented a medieval representation of the stories of Maponus and Matrona.