I believe the joke was something like it was spelled "Netscape" but pronounced "Mozilla". Web searches (at time of writing) for "pronounced Mozilla" seem to confirm this. I also seem to remember that its user-agent string identifier was "Mozilla" from the earliest version and never contained "Netscape", which goes some way to explaining why I initially forgot the real history and assumed a rebranding to Firefox.
I believe the joke was something like it was spelled "Netscape" but pronounced "Mozilla". Web searches (at time of writing) for "pronounced Mozilla" seem to confirm this. I also seem to remember that its user-agent string identifier was "Mozilla" from the earliest version and never contained "Netscape", which goes some way to explaining why I initially forgot the real history and assumed a rebranding to Firefox.