And to add to my other comment, I don't think it came to mean that out of stupidity either.
As far as I know, and correct me if I'm wrong, there isn't a mathematical term for an approximate tight upper bound that's based off vague criteria of "fast enough".
In practice, people needed a way to say something like, let's not waste time getting all precise here, what's the approximate close-ish tight bound that's obvious, alright, that will work, let's use it.
Big Thetha implies proving the lower bound, and generally specifying the exact upper bound. So it was a worse term to use to describe the above, I think people settled on BigO, because you end up with some upper bound, and not necessarily the tightest one, but you lend on a tight-enough upper bound that it serves your practical purpose of choosing an algorithm to use in your application.
And so it became BigO, all for a lack of a better word, and eventually that became common parlance in those circles.