SAE doesn't have enough numbers for oil weights. IMO, they need to add more "ranges" for certain fluid weights. Look at the number of different weights for motor oils and compare it to the gear oils.
Don't forget that the 80 and 85(now common) gear oil weights were unheard of a decade ago, and I believe only added in the '98 revision.
Any MFG that wants to differentiate their products because they are blending it a little thin or thick, will sometimes make up their own numbers.
For example, there is a 3w30 motor oil. But, SAE only list 0w30 or 5w30. I've also seen 7.5w30 and believe that it too was a MFG spec or other country spec(not SAE).
I actually like the idea of that '120'wt SF spec. It falls nicely in between the 90 & 140 weight gear oils, which, IMO, is too big of a gap.