The problem is that you generally want your ships to be named something unique, and there are only so many mythologies to draw on. IIRC, we've already exhausted the Greek pantheon and are now using Norse stuff for Terran ships, and I've seen other mythologies beyond Hinduism for Shivan names (can't think of what they are, specifically, but I know I've seen them). Hell, we've even used the Cthulhu mythos (Derelict). Now, there's nothing wrong with branching out for inspiration, but names from, say, Japanese myths are not going to sound similar to what we've used so far. Mostly, we've tried to make names of various races sound similar.
So this could still be a useful tool. I know I've got a massive list of names to use (some of which I made up via Rule of Cool-soundingness, but most I found on a big giant list of Egyptian and Hindu names), but even some of those I've seen in other campaigns (on minor ships, but still...), and some I just don't think sound very good.