Unlike the name you enter in the Save As dialog in ArcMap (where the name will be used just for an .mxd file), the name you enter in the Create A New Project dialog in ArcGIS Pro will be used not only for the name of the project .aprx file, but also for the name of the project default file geodatabase and toolbox. And if you have selected to create a project with a project home folder (the default and common workflow), this name will also be used for the name of the project home folder (under which the project .aprx file, the project default file geodatabase and toolbox will be placed). It is therefore conceptually clearer to let you specify, separately, the location for the new project, and the name for the project which would be used for creating, under that location, a set of items mentioned above, including a new project home folder.
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