It's called a fictitious force because there's not actually a universal phenomenon like gravity or electromagnetism that causes it. When the bucket starts moving, the water is at rest, and the bucket's motion causes the water to move in a single direction. When the bucket's vector starts to change, the water's vector does not. The water is still moving in the original direction, but that direction is now "outwards" from the centre, and the bucket exhibits new motion on the water, changing the direction it's traveling again. The water is trying to ~~escape the bucket, but~~ keep going in the direction it's already going (outwards), not towards the centre of the circle the bucket is tracing. The bucket however is in the way, redirecting it along the circular path. Remove the bucket, and the water goes flying off away from the center of the circle.
Another way to understand a fictitious force is to think of a bunch of marbles in a box, packed tight so all the marbles are touching and none of them can move. Each marble is a particle, push on one and you affect others around it. Now, remove a marble so you have a space, and only one marble can move at a time. And now, reverse your vision - the space left by removing the marble is the particle, an "anti-particle", and the marbles are free space. Push on the marbles, and the anti-particle moves around like a marble would. It's not a marble of course, it's a space, so you could call this "anti-particle" you just created "fictitious".
So it's not that the water in the bucket is accelerating inwards, because it's not the water maintaining that circular motion at all - it's the bucket maintaining the circular motion. The water's "inwards acceleration" that keeps it moving in a circle is actually just the water's inertia, relative to the motion of the bucket.

