I don't know if the name is just something funny that doesn't translate well into English, but...
Universal gravitation is actually a real physical phenomenon. Gravitation is the force that attracts all mass to all other mass, and its force depends on how massive the objects are and how far they are from each other. The closer they are, the stronger the force. (Nuclear forces are the opposite.) There is a number called the Universal Gravitation Constant, or G, that describes the relationship of gravitational force, distance, and mass. This number is impossible to calculate exactly, but we can figure it out indirectly from experimental observations. The value of G is updated periodically as more data is analyzed. As G becomes more accurate, we can get more accuracy from solutions in orbital mechanics, astronomy, etc.
Now I wonder what, if any, of this will be a part of Yoshi's new game? It is unusual for a game title to reference a somewhat obscure physics concept like this, so I am curious to find out if it's intentional or if they just thought it sounded cool.