No, ARM means "Acorn RISC Machine" and was developed by Acorn Computers, a British computer manufacturer, because the 8-bit MOS 6502 they had based their previous designs on was obsolete, available 16-bit processors "a bit crap"[0] and available 32-bit designs too expensive. So the ARM ISA was developed by a computer manufacturer for use in their own chips in their own products, quite far from an "academic exercise".
0: https://www.youtube.com/watch?v=Hf67JYkUCHQ at 7:35