Why does min appear in GREATEST common divisor? Why does max appear in LOWEST common multiple?
Because "min" is the greatest lower bound, and "max" is the least upper bound, for linearly ordered sets ... and even for partially ordered sets, if you wish to extend the definition like so. Since the correspondence you're describing preserves ordering, when taken with respect to suitably-defined ordering relations, then one should expect "greatest" to go with "greatest" and "least" with "least".
One ordering relation is the factoring relation. Greatest Common Divisor and Least Common Multiple are its respective greatest lower bound and least upper bound.
The other ordering relation is the one for exponents - taken in tandem; which is applied to lists of exponents $a = \left(a_2,a_3,a_5,⋯\right)$ and $b = \left(b_2,b_3,b_5,⋯\right)$ in such a way that $a < b$ if and only if $a_2 < b_2$, $a_3 < b_3$, $a_5 < b_5$, and so on. Since the ordering relation is member-by-member-wise, and since the ordering relation for each member is linear, then the greatest lower bound $a ∧ b$ and least upper bound $a ∨ b$ are formed by the respective minimum and maximum as:
$$
a ∧ b = \left(\min\left(a_2,b_2\right), \min\left(a_3,b_3\right), \min\left(a_5,b_5\right), ⋯\right),\quad
a ∨ b = \left(\max\left(a_2,b_2\right), \max\left(a_3,b_3\right), \max\left(a_5,b_5\right), ⋯\right).
$$
For numbers, this correspondence can be broadened to include positive rational numbers, and not just positive integers, because the "min" and "max" relations can be broadened to include negative integers and because the fundamental theorem of arithmetic, which guarantees the uniqueness of expansion into products of exponents of primes, can be broadened to include rational numbers. So, they also have greatest common divisors and least common multiples.