Note: We have 87 other definitions for AVL in our Acronym Attic

It is the name of the inventors like you guessed. From wiki:

AVL tree is named after its two Soviet inventors, Georgy Adelson-Velsky and Evgenii Landis

An AVL tree is the same as a self-balancing binary search tree. What does AVL stand for? Does it have to do with the name of the inventor?

AVIST - AVJ - AVK - AVKO - AVKR - AVLB - AVLIC - AVLS - AVLU - AVLY

Reference https://www.cs.auckland.ac.nz/software/AlgAnim/AVL.html

An AVL tree is another balanced binary search tree. Named after their inventors, Adelson-Velskii and Landis, they were the first dynamically balanced trees to be proposed. Like red-black trees, they are not perfectly balanced, but pairs of sub-trees differ in height by at most 1, maintaining an O(logn) search time. Addition and deletion operations also take O(logn) time.