I am studying category theory and I recently learned about adjoint pairs of functors. It seems to me that they are called left and right adjoints because if we have categories $\mathcal{C}$ and $\mathcal{D}$ and functors $F: \mathcal{C} \to \mathcal{D}$ and $G: \mathcal{D} \to \mathcal{C}$ then $F$ is left adjoint to $G$ iff
$$ \forall X \in C, \forall Y \in D, \hom_D(FX,Y) \cong \hom_C(X,GY) $$
And we see that $F$ appears in the left of the left hand side. I also learned the saying that left adjoints round up and right adjoints round down, in the sense that they add/forget additional structure. It seems to me that this viewpoint is much more practical to a working category-theorist than the rather technical Hom-set definition. My question is then, why are left/right adjoints not called up/down or top/bottom adjoints? It would seem much more natural, to me anyway.
As an example and a side question, how do you remember that forgetful functors are right adjoint and free ones left adjoint? I always get mixed up between the two. This is a nice example of why I think "forgetful functors are down-adjoint and free ones up-adjoint" would be more useful, to the beginner at least.
First, adjoint functors do not always add/forget structure. For example, equivalences of categories are adjoint pairs, but these certainly do not always add or forget structure in any obvious way. The reason for labeling them left/right adjoints is exactly the reason you mention: because the equation $\mathrm{Hom}\,(FX,Y)\simeq\mathrm{Hom}\,(X,GY)$ is incredibly useful. If we called them up/down functors, then I'd have to perpetually consult wikipedia to remember which one appeared on the left and which one appeared on the right in the equivalence $\mathrm{Hom}\,(FX,Y)\simeq\mathrm{Hom}\,(X,GY)$.