She is often misnamed Sakine Meiko by fans. 'Megumi' was also a name considered during her development. MEIKO's codename was 'HANAKO' it likely came from 'Hanako Yamada (山田花子)', a placeholder name for female characters, and the Japanese equivalent to 'Jane Smith'.
'MEIKO' comes directly from her voice provider's name, 'Meiko Haigō.