King used their trademarks to attack smaller players. FiftyThree is using theirs to defend against a larger player. Also, King has trademarked "Candy" across a lot of areas where they don't even have products. The application for "Paper" seems more specific.
I agree with you wholeheartedly. If you don't want someone else to use your product name, don't use one of the most common English nouns in the dictionary.