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I read about the sea battle where the Franklin was hit over and over again with those Kamakasi planes. Although I’m a bit clueless over naming one carrier the Wasp (it was sunk). What was that all about?

Franklin was the most damaged carrier to ever survive and be restored to service-worthy condition. However she never reentered full-service. The war ended and she was extraneous. Like her similarly damaged sister Bunker Hill she was retained post-war for possible conversion into what was called the "Ultimate Essex" configuration (which would have been similar to the SCB mods many of her other sisters got - but apparently with a flush-deck configuration) and as a spare parts source (part of her forward flightdeck was removed and grafted onto the USS Valley Forge after the Valley Forge's flightdeck was damaged in a storm).

Another factor was probably the USN's somewhat superstitious reticence to put a ship that much death back into service.

As to the USS Wasp: the "Wasp" name is an honored one in USN service dating back to the Revolutionary war. Along the same lines as "Hornet". The first carrier Wasp (CV-7) was sunk by a submarine during the Guadalcanal campaign. Her name was bestowed upon the Essex-class CV-18. More recently the name adorns the leader of the LHD-1 class of amphibious assault ships - which has been the class where many of the more traditional USN names have been placed (along with some of the Aegis cruisers) while CVN's have been named after leaders and politicians.