Project creation fails for code project named SteamVR

When a code project is given the name SteamVR the project will fail to open with the error message shown in the screenshot.

This does not occur for a blueprint project with the same name, blueprint project will open.

1. Open UE4 Editor
2. Click New Project tab
3. Set Project Name to SteamVR
4. Click Create Project button

Result:
Project fails to compile properly after being created.

Expected:
Either 1) Project compiles and editor opens or 2) Projects cannot be created with the same name as preexisting engine files.