The Medal of Futility was a decoration given to Imperial starfighter pilots after they completed eight operational tours. The odd title of this award might stem from the failed rebellion of Admiral Demetrius Zaarin and his inability to obtain the TIE Defender technology. This title could be a reference to the numerous unsuccessful assaults on the convoy transporting the TIE Defender prototypes, which underwent a perilous journey before being handed over to Admiral Thrawn.
The name could potentially reference the Rebel Alliance's seemingly hopeless fight.