The underlying MIDI system services uses inter-process communication to the the MIDI server which takes names for it's components, so this was built in as support but is not fully taken advantage of in the Core Midi Library yet. However, like the comments below the question suggest, it actually does have usefulness in retrieving a description or name of a particular object for identification or comparison. For example, this will return the name
MIDIClientRef midiClient;
OSStatus result;
result = MIDIClientCreate(CFSTR("My MIDI client"), NULL, NULL, &midiClient);
if (result == noErr)
{
CFStringRef nameString;
MIDIObjectGetStringProperty(midiClient, kMIDIPropertyName, &nameString);
CFShow(nameString);
}