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I guess "ready" is not quite as descriptive as "created".
The name 'ready' is ambiguous: ready for what? Users of Polymer (github.com/polymer) have expressed confusion about this. For example, one user suggested the need to be able to defer readyCallback based on a related state that should be resolved before the element could be 'ready'. The name 'created' is descriptive about what has happened. The element has been created and the system is providing a notification about it. The callback is intended to be used for initialization tasks and is a stand-in for a proper constructor.
It seems "ready" is preferable only because it is the status quo? I like "created." FWIW Daniel Buchner mentions an original preference for "created" here: <https://www.w3.org/Bugs/Public/show_bug.cgi?id=22459#c11>.
https://dvcs.w3.org/hg/webcomponents/rev/a0559f51ecb7