Somewhat more successful were the side projects Anderson Bruford Wakeman Howe (ABWH) and the currently touring Anderson, Rabin & Wakeman (ARW).
There was a concert review for the band GWAR which simply read: “GWHY?” However, the members of GWAR claim that their name doesn’t stand for anything.
STRFKR, formerly Starfucker but changed so their name wouldn’t run afoul of the FCC and limit their marketing reach. Pronounced as the individual letters by DJs and as “starfucker” by most everyone else.
Heh. I was going to mention them. My sister was a groupie of theirs.
Everyone forgot OMC? How bizarre.
Anyway, it stood for “Otara Millionaire’s Club”, apparently. Who knew.
Do The Bee Gees count?
Everyone’s already forgotten LMFAO?
Alas, none of them can play at CBGB any longer, as it closed in 2006.
Drive-By Truckers are also known as simply DBT.
Teddybears was once known as Teddybears STHLM (for Stockholm).
I’ve never listened to them much, but it was an embarrassingly long time before I realized that this wasn’t referring to two different groups.
Unfortunately, they just won’t fade into obscurity.
Duh, sorry I must have read right over that because I was so surprised in the other posts that it hadn’t come up!
Does Notorious B.I.G. count? (Individual not a band.)
They should count, since BG originally stood for the Brothers Gibb.
Who can forget one hit wonders M with Pop Musik.
There’s also M People.
UFOmammut (epic stoner sludge from space)
YOB (epic stoner doom from Oregon)
CL (epic gangsta K-Pop)
Drain STH (Swedish headbangers)
M (Pop music)
PSY (K-Pop music)
HEX (epic J-Jazz)
How about bands with numbers? I got 54●40
Beat ya to it.
A legend. The three original members were Barry Gibb, Bill Gates & Bill Goode. They all had the initials BG. It was Gates that named them.
God What A Racket (another urban legend) 
As well as
SLAYER (Satan Laughs As You Eternally Rot)
WASP (We Are Sexually Perverted)
Charged GBH, often known as GBH, which is short for “Grievous Bodily Harm”.