I mean I really don't get what they're about. Most of what I know about these guys seems to revolve around shuffling money around so it's not clear to me what exactly is effective or altruistic about what they're doing.
Traditional metrics for charities only included efficiency metrics. Then there was a movement that said actually effectiveness is more important than efficiency even though it's harder to measure, and started trying to measure effectiveness (like Givewell, 80000 hours, etc...). It's called effective altruism because it focuses on effective giving(i.e. altruism).