As for Absolute, much like the simple terms found in the nautiloid, Perfection, I've taken it to be a connection between the cult and the Mind-Flayers. Again, that could just be me trying to connect things together.
I have no doubt there is a reason and meaning behind that name, but when I hear "cult of an Absolute" I can't help think they are just vodka drinking regulars.
Edit.
Joking aside, I am trying to figure out why Absolute seems so laughable to me. It might be that most of the time we hear about the Absolute are from goblins and they are not the best of wingmans.