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This "saved as" idea is actually brilliant.
Do not answer
lol
This is already a thing, on my pixel at least. There's a "file as" input if I expand all fields of a contact.
I think in this concept it’s showing what the other person has YOUR name saved as.
I think it is showing what you are saved as in the other persons phone. There are ones where the guy presumably saved a girls number but she didn't bother to save his and another where the girl saved him as do not answer. I think the point is so you can see how the other person views you. These are mostly joke features and the feature you mentioned is pretty standard now.
Ahh that does make more sense. I thought it was just showing a sort of alias besides the real name.