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I thought his name was from Audio, since it is a hearing Pokémon, and the curled extensions of its ears resemble earphones, also the way Audino holds them. But like others said, I think it's just for the EXP, and it's a replacement for Chansey. (I like Chansey 100 times better though)
Personally, I don't find Audino to be rare.
True, they're considered rare, to an extent, but if I look for one in ten minutes, by the means of rustling grass, I could find five or six of them. I see them as a way for Trianers to get a quick boost of EXP when they're struggling to continue in their adventure. I really like your evolutionary theory @ThreadOwner.
Also, in the Anime they're taking Chansey's place, but they're not the 'new Chansey'. The stats hardly match up, HP, DEF, ect. Only similarities for that is it takes on the role of Chansey until you unlock the National Dex.
Probably as a make-the-game-harder-and-thus-more-fun measure. Game Freak knew you'd want a good method to train, so they made it so Audino gave out large amounts of experience. But, to make it harder (and thus more fun) they made it elusive.
Audino isn't really super rare to me because I always find them in shaking grass but I think it's because you have white version because if you have white version it will be hard to find and black wouldn't be rare.