This mountain was named after the Indian leader Metacomet, called King Philip by the early settlers.
From the history section of the web site for the Town of Simsbury, Connecticut:
"In 1676, Indian disputes erupted into King Philip's War, and in March Simsbury was attacked by a group of Philip's warriors and burned to the ground. According to legend, their leader, King Philip, sat in the large cave on Talcott Mountain to view the spectacle. It is still called the Metacomet Ridge."