I personally adore long, convoluted names. I wouldn't use them in all my books... But I love them! Whenever I use them, I do so knowing full well it's goofy for modern readers.
Anyway, people have brought up other things like the role of Kanji in everything. Other things worth considering is also the role of spell chants. When you look at most works with spells, spells are still shown to have long verbal components, with many works still using a casting time as a point of tension. Conversely, some Iseakais have characters that make fun of convention by shortening the casting time. Other works would then show people that can shorten their casting as 'gifted' in the art. Worth pointing out too that casting time is still fundamental in many games.
The point is that if we look at the weapon names/attacks as an extension of spell chanting, we can see that people are still all over the place. Spell chanting in particular is notable because it's also very western.
You could say that the there is a weapon/spell divide based on the idea that physical combat is practical compared to the long chanting of magic, and that may be while practical immediate attacks are seen with shorter names.
The reason chanting becomes important is because you mentioned Bleach. First, Kubo writes poetry, so much so that the anime previews for Bleach have the characters reciting poetry. Second, there is the presense of Kido. Actual spells that need to be chanted. Characters being able to complete the chants can lead to big flashy spells, thus rewarding the casting time. In the case of Bleach, Kubo has a bias toward poetry which explains why the longer names are there, but then, you also have to point out that where you have a name like:
Bones of Heavenly Blooming Madness: Withering Pine Lovers' Suicide (Japanese is: Katen Kyōkotsu: Karamatsu Shinjū)
to accompany the Bankai's activation (which is just initiated by "Bankai"), you have the simple,
Reap, Kazeshini to initiate shikai. So, Kubo uses both variants though it's clear that he still has the bias for poetic names.
Another way to consider things is this. You are more scared of "Glam" than X X of Y, Destoyer of X. Honestly, yeah. If you need to say a giant name before using a weapon, it isnt practical. If you need to initiate a chant to use an ability of the weapon though, and its overpowered enough, it turns into a terrifying moment of, will the person be able to interrupt the chant in time?
So, there is a degree of vulnerability to the long names if someone decides to play it that way. I feel that clever writers can bake long names into their worlds and add that nail-biting component to stopping the casting, thereby restoring the fear.
Okay, wrote a lot but those are some thoughts I had on the matter.
