The 'else' keyword probably came from a hasty German-to-English translation
The 'else' keyword is probably a literal translation from German (2020)

Eric Fischer traces the origin of 'else' in programming to a 1958 German proposal for Algol. The German authors introduced 'else' for a case-like conditional, and their document was hastily translated into English. Klaus Samelson later adapted it into the if-then-else form we use today. The original German text is lost, so the exact word choice remains a mystery.
I think a carefully-chosen German word was probably translated as an archaic English word and then never revisited.