Why the name? To those who know a little bit of Japanese, the name is rather amusing.
But then again, I guess an amusing meaning can be found for any word if you allow interpreting its parts in different languages.
Baka = Fool
Src: Typed "wo in Japanese" and "baka in Japanese" into Google.
From a language perspective, を is most commonly transliterated wo when used in isolation. When used as a particle, it's generally transliterated as o. It also follows the noun rather than proceeds it. So if the intent of wobaka is to mean something like idiot (as the object of a sentence) a number of liberties have been taken.
There's an honorific o お that does precede a noun, which I've never seen transliterated wo.