If you are specifically wondering about video games, .io trend started with agar.io and slither.io.
At the time when they first popped up, they were very simple games built using node.js and socket.io, the latter being the most important for naming purposes.
Socket.io is a tool you use in website building to allow multiplayer interactions. Very simply it is a tool where a user can broadcast some information (a chat message, or a player position) and all connected clients will receive it live. Using this, you can move a ball on your screen, and everyone else connected will see your ball moving, which is what agar.io started as.
Since the tool was called socket.IO, the games were named using the same naming convention. So to settle the pronunciation, you would call it Agar IO, or Slither IO.
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