The protagonist's title can, at times, be a lyrical allusion to the themes of a song. As for bands, well, they name themselves whatever they like, so let's avoid spamming the page with every band that named themselves something that sounds like a good name for them. Notable examples only, please.
A male group called "Queen" headed by a gay man, Freddie Mercury.
Duke Sateriajis Venomania in Madness of Duke Venomania. His first name is based on "satyriasis" (obsessive sexual desire in men) and his last name is a mix of "venom" and "nymphomania"
The character who becomes "The Cool" in Lupe Fiasco's concept album of the same name is "Micheal Young History". That is "My cool, young history".
The story behind Children of Nova's album, The Complexity of Light, involves a character named Corbin (obviously taken from "corvus", Latin for "crow" or "raven", which also gives us "corbies") who has some kind of deep association with crows.
Gackt's name tends to sound weird to, well... people in general. But his name has an actual meaning. Gackt Camui is a modification of Gackuto Kamui which can either mean "Divine power of music" or "Divine being made of music".
ES Posthumus' name stands for Experimental Sounds (ES) and "posthumus" is Dog Latin for "all things past."
Their albums often have meaningful names as well.
Surprisingly, the guitarist in the German Rock/Pop band Tele actually does use a Fender Telecaster. Sometimes.
Paul David Hewson was given the nickname Bono Vox. He didn't like it until he learned it was Latin for "good voice". Today he just goes by Bono.
The Scandinavian opera singers Nina Stemme (stemme = voice) and Gisela Stille (stille = quiet) Considering the popular image of opera songs, the latter might be an inversion.
Another from Indonesia, teen singer Aluna Sagita Gutawa, or Gita Gutawa. "Aluna sagita" can mean "the playing/singing of a song," and a track in her first album was titled after this phrase. Her dad is composer and conductor Erwin Gutawa, so this isn't that much of a coincidence.
Alicia Keys plays the piano. She came from Hell's Kitchen in Manhattan and her real name is Alicia Augello Cook.
Music/Gary Numan renamed himself (from Gary Webb) something that sounded, like, futuristic and cool, including the space-age spelling...which he copied off a plumber in the phonebook.
Robert Palmer has done many hits with Caribbean-style sounds mixed in (the islands have palm trees).
Captain Beefheart 's real name was Don Van Vliet. A don is a mafia leader who has near total control over his branch, and is not afraid to use violence to achieve his means. John French's book Through The Eyes Of Magic proves that Van Vliet was indeed a ruthless leader especially during the recording of Trout Mask Replica. He would frequently subject the other band members to intimidation tactics and violence, and would not let them eat more than a small amount a day. As an added bonus, he was the Captain, ie a different type of leader. It has been noted that his approach softened after his whole band walked out on him a few years later.
Devo was originally short for The De-Evolution Band.
Ian Paice, drummer for Deep Purple. Admittedly, with his complex style, merely keeping time wasn't necessarily his greatest concern.
The Proclaimers' vocal style has lots of projection and spirit. They indeed "proclaim" what they sing.
"Tool" means "penis". Word of God is that this is only one interpretation, but some of the licensed artwork definitely goes down that particular route.
Wall of Voodoo were named by a producer who compared their peculiar oeuvre to disco's "wall of sound", made by densely layering orchestras and synth...except Stan Ridgway and Co sounded like a "wall of voodoo."
America seems like it's a boring example but it's not. The band's three core members were all actually born and partly raised in England and all had English mothers, but they all came over to the U.S. in their teens where their American military fathers all came from. They named their band to point out their American heritage.
Earth, Wind and Fire got their name from the three key elements in the band leader's astrological sign.
The Bee Gees are an accidental instance; they didn't name themselves because they were all young boys when the band got started (as a harmonious skiffle act in their adopted homeland of Australia). Their manager at the time, one Bill Good named their band after his initials. It just so happened that, as they matured into their own band (in the late '60s - early '70s), it could also stand for "the Brothers Gibb".