IIRC, .com is short for commercial, the original idea being that most business are commercial ventures, or something to that effect. The suffix should, in theory, allow you to differentiate what types of websites there are (com and biz for businesses, org for nonprofit, me for personal, tv and UK for country codes to denote Transylvanian or UK websites, etc). The suffix allow multiple entities to use the same name for their website, I.e. Linux.com vs linux.org instead of being forced to come up with a new website name because the .com version was already taken.
On a related sidenote, to help prevent competition from using their name, I have seen many companies buy up all the alternative names (biz, org, blog, xxx, me, etc) to prevent others fron using them against them.
Hopefully this helps!
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