So let's see:
S stands for
Street . As in the Corvette Z06 is the faster
Street car.
R stands for
Racing . As in you need to do $5000 worth of modifications to do ANY realistic track time (Comp Coupe swing arm pick-up and oil pan, Comp Coupe or Quaife differential, roll bars). None of which were required for a Gen II to do track time with street tires
T stands for
Technology . And where the heck did they think of that with the anti-technology Viper (not that it is a bad thing but Viper surely does not stand for
Technology).
Overall I would say that the SRT group missed in all regards. Car Name (same as a TRUCK), car styling and even their own group name. But I am sure they met their cost cutting targets!