As an amateur writer of made-up stuff, I think names are about the hardest thing to get right. Tolkien was a master linguist and you can often distinguish a character's race and lineage just by glancing at their name. Most of what Tolkien wrote still sounds somehow "right".
It's incredibly hard to do and even otherwise excellent fantasy authors don't give it enough attention. I love Game of Thrones/SoIaF, and Martin's pretty good at first names, but some of the House and place names are lacking, IMO. "Dorne" is a good word, but sounds like it belongs somewhere Germanic, rather than a sandy Mediterranean or Middle-Eastern stretch. None of "Lannister", "Martell" or "Tyrell" evoke anything for me. "Stark" and "Baratheon" on the other hand are brilliant names. They sound like their Houses look and behave.
Names play a uniquely important role in Mount & Blade. Yes, they have to sound authentic as always, but unlike most other games, they have to differentiate between factions and locations. In most world-maps of Warband's size, the game is set in Medieval Europe or the like. Luckily, we already know where France is. We know that someone called Philippe is probably going to be French. We know that Brittany isn't far from where we're looking. I know there were ways, and will be ways, to quickly scan through an alphabetical list to find your target - but well-designed names could make everything so much more fluent and intuitive.
Personally, I'm a fan of "borrowing" from history. I quite like seeing an obviously Viking name like Ragnar as the Nord king - largely for the reasons above. I wasn't even offended by seeing the word "Nord" as the faction name. The Nord counterparts for Bannerlord seem to be "Sturgians". The only link I can find between that word and reality is that "Sturgian" looks and sounds a lot like "sturgeon", which is a fish. Probably not intentional. In fairness, the Sturgians might have nothing to do with the Nords and not even be inspired by the real-world Vikings - but if they are linked, I have to be honest, I don't think it's a particularly good name.
I think Aserai is a good name. Khuzaits is also fine, and maybe reflects that this faction eventually fed into the Khergit Khanate.