Isn't the domain name registration process "first come first served"?

In .com, .org and .net, which are "open" to any kind of registrant, the policy is first-come, first-served, as long as you have registered and used the domain name in good faith or have legitimate interests in the domain name. However, you have no right to violate trademark law, or ignore your Registration Agreement, or engage in cybersquatting just because you registered the name first.

Furthermore, in the newer domains such as .biz and .me, there are additional registration requirements that must be met because some of these domains are restricted. Trademark owners may also have advance registration rights. Check individual registry requirements.