Because the parts are made by exposing metal covered with a light-sensitive chemical and allowing the chemical to "eat away," or etch, the unwanted metal, leaving the parts and frets behind. Thus, we get photo (from the Greek word for light) and etch. At least, that's my understanding of it. I remember reading a how-to article a while back in FSM, but that's about all that I remember now (this was 10+ years ago).