I don't understand your point because it is nonsense: magnetite was named after Magnes [1] and Pliny wrote about him and his discovery two thousand years ago. The most credible alternatives for the etymology of "magnetite" are Magnesia ad Sipylum (Manisa, TY) or Magnesia, GR, all of which existed long before the concepts of ferro- or electro-magnetism were described.
Either way, eurocentrism is the only reason you associate the word "magne-{whatever}" with the physical phenomenon.
Magnes/Manisa/Magnesia => magnetite => more than a millenium of development in physics and language => magnetism => you associating "magnetite" with "magnetic".
All words are made up.
> “Seuss” presumably tells you something meaningful about suessite.
> “Greig” presumably tells you something meaningful about greigite.
Narrator: they don't. They were keywords to search for before making a nonsensical argument.