When they were little, my kids loved to ask dinner guests about their favorite things: books, movies, meals, colors, etc. People have favorite everythings: numbers, body parts, time of day. Lots of people have favorite words. It may be the meaning of the word that is most endearing, but often folks like words for their sound.
The Oxford English Dictionary attributes somewhere in the neighborhood of 500 words to William Shakespeare. He was certainly among the greatest word-coiners of all time, but his most fascinating word was not actually a coinage.