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Why 1854? According to their own website, the company started in 1852.
It depends on what you mean by "started."
Smith & Wesson were believed to have first partnered together in 1852.
The first legal business entity with the "Smith & Wesson" name was founded in 1854. In went through a number of machinations and ended up becoming the Winchester Repeating Arms Company.
The second legal business entity with the "Smith & Wesson" name was founded in 1856. That's the company that we know and love today.
This was called the "1854" because it most closely matched what the original 1854 business was selling.
Mike