Wikipedia has this to say (and it makes sense).
"However, based on Phil Belanger's statement, the term Wi-Fi was never supposed to mean anything at all.
The term Wi-Fi, first used commercially in August 1999, was coined by a brand-consulting firm called Interbrand Corporation that the Alliance had hired to determine a name that was "a little catchier than 'IEEE 802.11b Direct Sequence'". Belanger also stated that Interbrand invented Wi-Fi as a play on words with Hi-Fi, and also created the yin-yang-style Wi-Fi logo."
http://en.wikipedia.o.../Wi-Fi#The_name_Wi-Fi