First before I start my explanation, Utau's don't have to be named in Japanese. It can be in any language you please! That's what makes UTAU unique~ You can even make up something totally awesome, or even turn it into a pun if that suits your fancy. For example, I named my UTAU with a last name called,"Nintone." Its a pun from a game. ^^
It really doesn't have to mean anything. But in my point of view, if you put random syllables together, it could either result to be something great, or not so great. It just depends on how you put it together. Otherwise its a fair game.
I hope I helped some. ;w;