People actually like this? I bet it is because of the evil spiritual aspects that makes it so "cool" and "attractive". It's pronounced the same as "bale" and I just think the name is unlikeable.
Although I would not name my child this name exactly, some names I am considering for future children of mine have Ba'al as a derivative. That makes this name and its meaning a relative issue, as well as its connotations and possible issues it could create for a bearer of it. Although I appreciate members of this site voicing their concern for such children, I don't exactly appreciate their mocking tone of the name itself, as it has a rich heritage and place in many cultures. However, I am sure they meant nothing by their remarks.
Phoenicians were Caananites, and Ba'al was their chief god. Although the name itself only means "lord," its association is the reason the Caananites created names with Ba'al as an element (Jezebel, Hannibal, etc). It's also the reason Hebrew rarely uses the word Baal, but prefers the word adoni or adonai to describe a lord.