The metric you described is the standard metric on the projective space: in the real case it can be visualized as the angle between lines (thinking of the elements as lines). It arises as the quotient of the spherical metric on $S^n$ by the group of isometries $\{x\mapsto \alpha x, \ |\alpha|=1\}$ where $\alpha$ belongs to the ground field, $\mathbb{R}$ or $\mathbb{C}$. Indeed,
$$ \left| \left< \frac{v}{\|v\|}, \frac{w}{\|w\|} \right> \right|=\sup_{|\alpha|=1} \operatorname{Re} \left< \frac{\alpha v}{\|v\|}, \frac{w}{\|w\|} \right>$$
and since $\cos^{-1}$ is decreasing,
$$\cos^{-1} \left| \left\langle \frac{v}{\|v\|}, \frac{w}{\|w\|} \right\rangle \right| = \inf_\alpha \cos^{-1}\operatorname{Re} \left< \frac{\alpha v}{\|v\|}, \frac{w}{\|w\|} \right> = \inf_\alpha \rho \left( \frac{\alpha v}{\|v\|}, \frac{w}{\|w\|} \right)$$
where $\rho$ is the intrinsic (arclength) metric on $S^n$.
It's probably best to prove the triangle inequality as a special case of the general fact: whenever $G$ is a group acting on a metric space $(X,\rho)$ by isometries, the quotient $X/G$ has the quotient metric
$$
d([x],[y]) = \min_{f\in G}\rho (f(x),y)
$$
This is proved, e.g., in A course on metric geometry by Burago-Burago-Ivanov. Also discussed here.
This metric is also mentioned in metric and measure on the projective space. I would call it "the quotient metric" or "the canonical metric" on the projective space.