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But when it goes live and specific community names like FOOTBALL or SEX would be potentially lucrative real estate, who would get to claim them? Some random lucky first-come, first-served person? A dev who’d written a bot to claim them one second after Communities went live? Stake-based voting? Something else?

That they are numerical identifiers means that no one will be able to claim FOOTBALL or SEX or anything else. You receive a string of numbers which you can call whatever you want. They are not real estate in that you do not own the name space. All you own is a unique ID. What you own is the account that receives the unique ID.