What is the correct pronunciation of the word "eBay", and how has the name (not the company) evolved?

ebay currently uses no caps in the company name on the website, but spellchecks commonly only accept “eBay”.

Common usage seems to be Ebay, and that’s the only way I’ve heard it pronounced. “E-bay.”
Were they originally shooting for people saying “e-Bay”, and if so, why?