It does seem extremely unlikely to me that they would have called the cheese "Coon cheese" after Edward Coon unless people actually knew what the Coon process was. Which would imply other "cooning process" cheeses had previously been sold, and people wanted them. It would surely be possible to find some reference to this. It was patented 7 years before the Australian launch, so I suppose that is not impossible.
As, however, the process appeared to be designed to mature cheese faster, not make it any better, it seems an odd thing to stress right up there in your brand name. "This cheese saves us money! There's no benefit for you, but hey."