Yeah that’s basically it. I don’t know the Irish system, but in the UK it’s XX11 YYY - XX is two letters for location, the 11 is the year (kind of, they have two new plates every year) and YYY are three random letters for individuality. Every vehicle gets a plate by this designation when it’s first registered.
You can then also get a custom plate, however it has to follow the same syntax: 2 letters, 2 numbers, 3 letters. Custom plates can also use old plate styles, so long as they follow the same letter/number arrangement rules from those plates (P3 NIS would be valid, but they don’t let you have that one. I did look up P3 NNY once, at the time it was a Jag). Custom plates tend to stay with the owner and move from car to car, but when you sell a car that has a custom plate it usually takes its original plate back.
I’m just awaiting the government investing all these “savings” and the money raised through tariffs into an obvious crypto scam, which then fails spectacularly and predictably and all the US taxpayer money conveniently disappears into the pockets of those running the scam (which totally won’t involve Elon Musk).