If you are a designer and you are going to design something, it actually has to be something you design. I just don't think that cutting a hole in the floor and calling it a chair counts as product design. Yet, that is exactly what the designer of the OOoo chair did.
I think the name for the design comes from the reaction to the people who see it. I would imagine it plays out something like this. A friend comes by and says, "WTF, who cut two holes in your floor?" Designer says, "Those aren't holes in the floor, that's my chair." Friend retorts, "Oooo…ummm…ok."
You can be a designer too if you have wooden floors and a saw. The thing that is really goofy about this design is that you never know what sort of danger lurks under the floor of your house. Everyone knows that's where the boogey man hides during the day or there could be something even worse like mice.