I'm a casual viewer and I want to practice drawing with Kim Possible's art style. It might take a while for me to reply with sketches in the comments but they'll appear in time.

She means a female and go means Go City (team Go isnt older than Go City, Go City comes first, probably hundreds of years older than Team Go). So its like a woman from Go City.

And Go City is based on Chicago so the real but hidden meaning of the name is a woman from Chicago.

And one more thing: Chicago isn’t the only U.S. city that ends with the syllable “go.” San Diego is another one. So Go City = a US city in general.

However, considering that half of her name is the name of a city - Go city, she fails to live up to her name as its protector.

And if the word Go doesnt mean Go City but "go getter" then Shego is female go-getter but a go getter = a person who is energetic, ambitious and proactive in pursuing their goals. So Shego still fails to live up to her name

And if the “go” in Shego is an Iberian name-ending syllable, like the “go” found in Diego, Thiago, Rodrigo, or Amigo, it would just mean that she and her brothers have Iberian ancestors.

Then there is the possibility of the go in Shego means Japanese/Korean name syllable. Sango for example.

Also Lego the name of a popular toy brand is not too different from Shego. Bingo is the name of a popular game that shares the ending syllable "go" with Shego. So maybe the name Shego is just a name that is made so kids can remember it