In short:

You can think of the loading process in that way:

You can load a module into your program, in the form of a variable. You can name the variable for using the module whatever you want. But, the loading process, is based on the name of the module’s file, not “module variables”.

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Long version:

import re creates a global variable named re that serves as the “module portal”, in the way it provides the ability to use the module operations.

Most alike, import re as regex creates such a “portal” under the variable named regex.

But, when looking to create such portal and load the module functionality into it, the importer does not use such references. Instead, it looks for the module in your python \Lib directory, or your current working directory, as a file named re.py (or whatever is the name of the module you import).

The import instructions does not address variables, but files, like #include<stdio.h> in C. They have their “own syntax”, and set of instructions, as ruled by the interpreter structure, which is, to that case, the interpretation of re as a file name rather than a variable and as for ruling the name of the module “portal”.

That is why regex is an operation alias for the portal for re, but not an importation alias for the module (for that purpose you’ll have to use the name of the file).

• I have used terms like “module portal” and “operation alias” since I have not found any standard terms for these. Most of the modules and importer mechanics is related to the interpreter implementation. In CPython (where the usage of the C API is common among developers), for example, create_module creates modules for the importer (in the form of PyObjects) using the provided specifications for the module, and the PyModule_NewObject and PyModule_New functions for the module instance creation that bears the module attributes. These can be viewed in the C API modules decumentation.

• When I mentioned the term “portal” as a way to reference the variable created by the import statement, I meant to refer to it as a static portal, not a dynamic one. A change in the module file will not reflect in a running program that already imported it (as long as it didn’t reload it), as it will load a copy of the module and use it, rather than asking the module file for the operations when encountering need.

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Here is pretty much how the variable loading goes realtime:

>>> import re
>>> re
<module 're' from 'C:\\Programs\\Python35\\lib\\re.py'>
>>> import re as regex
>>> regex
<module 're' from 'C:\\Programs\\Python35\\lib\\re.py'>

You can see that re is the module referenced, and it was loaded from the file C:\Programs\Python35\lib\re.py (may change depending on where your python is installed).