Context for newbies: Linux refers to network adapters (wifi cards, ethernet cards, etc.) by so called "interfaces". For the longest time, the interface names were assigned based on the type of device and the order in which the system discovered it. So, eth0, eth1, wlan0, and wwan0 are all possible interface names. This, however, can be an issue: "the order in which the system discovered it" is not deterministic, which means hardware can switch interface names across reboots. This can be a real issue for things like servers that rely on interface names staying the same.
The solution to this issue is to assign custom names based on MAC address. The MAC address is hardcoded into the network adaptor, and will not change. (There are other ways to do this as well, such as setting udev rules).
Redhat, however, found this solution too simple and instead devised their own scheme for assigning network interface names. It fails at solving the problem it was created to solve while making it much harder to type and remember interface names.
To disable predictable interface naming and switch back to the old scheme, add net.ifnames=0 and biosdevname=0 to your boot paramets.
The template for this meme is called "stop doing math".
As a data center engineer of 10+ years, I struggled to understand this at first. In my world, the hardware does a POST before the OS boots and has an inventory of what hardware components are available, so it shouldn't matter in what order they are discovered, since the interface names should make a correlation between the interface and the pcie slot that NIC exists in.
Where the water gets muddled is in virtualized servers. The NICs no longer have a correlation to a specific hardware component, and you may need to configure different interfaces in the virtualized OS for different networks. I think in trying to create a methodology that is agnostic to bare metal/virtualized OSs, it was decided that the naming convention should be uniform.
Probably seems like bloat to the average admin who is unconcerned with whether these NICs are physical or virtual, they just want to configure their server.