In addition to the official reference to CMU, there is a second origin for the name.
SBCL - Sanely Bootstrappable Common Lisp
You see, when SBCL was forked from CMU, a major effort was done so that it could be compiled using any reasonably complete Common Lisp implementation,
unlike CMU CL. Because CMU CL essentially could only be compiled by itself, preferably in the same version, which meant compiling and especially cross-compiling was complex process that involved bringing the internal state of CMUCL process to "new version".
SBCL redid the logic heavily into being able to host the core SBCL compiler parts in any mostly-complete (does not have to be complete!) ANSI CL implementation, then uses that to compile the complete form.
Meaning you can grab SBCL source tarball, plus one of GNU clisp, ECL, Clozure CL, even GNU Common Lisp at one point, or any of the commercial implementations, including of course CMUCL, and C compiler (for the thin runtime support) and build a complete and unproblematic SBCL release with few commands