No - Malbec is simply a red wine grape. IF you choose to break the word down to its syllables, Mal and Bec, than each word eg: Mal & Bec have other potential meanings. An Argentinian reed maker making associations with their country's much revered red wine is something I consider undertandable.
Malbec, or Côt grapes are one of the noble grapes from France. It was originally used to blend in Bordeaux wines (all Bordeaux wines are blends), and was not considered a particularly good grape for wine (hence mal bec). That was because it didn't grow well in France, except in the Cahor region. A blight nearly killed all of the malbec vines in France.
Luckily, someone had taken good cuttings of the vine to grow in Argentina, which has a very favorable climate and soil for the grape. I discovered Argentinian malbec wines about 20 years ago at a tasting in Hawaii. They were very good, and were much cheaper than the Cabernet Sauvignon and Merlot (amd Bordeaux)
wines that I preferred at that time, so I adopted Tripache as a daily
vin ordinaire. As happened to Pinot Noir after the film Sideways came out, people started to find out about the cheap malbecs, and marketing is driving the price up. I've probably drank more bottles of Argentinian malbec than most, and I have tried a nice malbec from Cahors, France.
Still, malbec was originally bad beak because the French did not like it's nose as much as the other noble grapes.
So, it's still a strange name for a reed because of the meaning of the word because, as Phil said, a bec also means a sax mouthpiece. Sorry if I offended any Argentinians here. I just found it amusing.