No, none of the above. Nope.
Not that it matters a ton: It was a friend of Sammy Hagar (Ray Mancini) that thought that. The band went with the name as a compromise instead of calling the album "Fuck" as a protest over censorship.
The author (one Evan Morris) always reminded people that acronyms were extremely rare before about WW2, and so acronym etymologies for old words are virtually always made up (Morris blamed tour guides for keeping them circulating).
Why is that?
A week later a new equally expensive sign was being installed with the less provocative “Thai Food”
The suggestion that it comes from Polari is far more interesting, as Polari was incorporated into the great British tradition of using innuendo to get past unimaginative censoriousness. https://en.wikipedia.org/wiki/Julian_and_Sandy
That's not exactly a unique phenomenon. For example, it's how "rabbit" replaced "coney".
And why is that etymologically connected to the latin for ‘turnip’? This seems as strange now as the fact “mincemeat” (no space) in mince pies is vegetarian (the answer: because “meat” used to mean any food not just animal flesh, but it’s still strange to see that today).
And of course it still does, in a way - suet.
Of course we have other obscene words for vagina. One of them is "conill" (rabbit), which is apparently related to "cunniculus" (burrow). The analogy between the action of the animal when hiding and the sexual act seems clear, but however this one is almost exclusively used in descriptive contexts: "L'hi he vist el conill", "I've seen her pussy".
"Conill" is also used more innocently. A young girl (~4yo) who is playing and running around naked could be affectionately called by female relatives "conillet". "Ai el conillet!" as in "oh, the little rabbit!". The goal here, I believe, seems to be not really shaming her to get dressed, but to make her aware that she is naked.
The animal analogy (?) would be similar to that of beaver, I suppose. But of course no mother would call her naked girl little beaver.
Maybe it's just me, but I find it fascinating how languages converge and diverge, and how we find hilarious and imaginative ways to describe the world around us.
EDIT: Thanks, all who responded. I wouldn't have made the connection although I am quite familiar with the 'vulgar' word in question. The phonetic similarity sounds farfetched to me, one ends with a hard consonant, the other with a vowel sound.
That's still the only pronunciation I know. Rhymes with, and orthographically identical to, "money". (And "honey".)
Edit: I may be assuming an incorrect pronunciation of coney. Even as a native speaker English sucks.
As an aside, Spain itself was named after rabbits, which I find hilarious: http://www.ctspanish.com/rabbits.htm
Tangent, but in line with what others have commented, American English tends to pronounce the first syllable with a long o (like saying the letter 'o'), whereas British tends to pronounce it with a long oo sound (like the vowel sound in the the word 'food'). I've never heard it pronounced with a short 'u' sound (an 'uh' sound), but others intimated they either have, or have heard it pronounced close to it, which is interesting.
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I felt badly for the fellow, however, after listening to about half an episode of the podcast. It seemed worse than AM talk radio in terms of commercials, which left me with the impression that the guy really needed the money.
That was some time ago, though. I just scanned a recent episode and it looks like there are only four commercial breaks in 40 minutes which is not quite as excessive as I recollected. If that's not something that bothers you, give it a listen.
I'm afraid to say that I have literally no idea what word that rhymes with 'bat' is referred to here, nor what is meant by 'arch'! Can anyone help explain this to me (ideally in en-gb!)
I agree with Butler-Gallie here (not words i thought i would ever write) that there is nothing particularly arch about "shat".