Yep - it's linkbait. A website with one word on it and people link to it. They'll put a link in their blogs etc, and that'll pass on PageRank. An even more curious case is
www.purple.com - PR6.
Because of the high number of keyword-targeted links, and the keyword being the sole content of the domain name, they're both ranking #1 in Google for 'Something' and 'Purple' respectively.