This is an iris name that: is hard to say, hard to remember the spelling of, and is not meaningful to most people. We had a thread on the topic of iris names a while ago. People are influenced in getting an iris, either positively or negatively, by the name, especially if the name is vulgar/offensive and they are in the habit of using garden markers that visitors will see.

In this case, the name is not offensive, just weird. If you actually know what the word means (which is unlikely), the meaning is a negative one IMO
Noun. fallalery (usually uncountable, plural fallaleries) Costume jewelry; trinkets; fake jewelry as opposed to "real" (fine) jewelry.