O'sensei named it Kohbu Budoh (Divine Warriors' Martial Art), but Onisaburo recommended that he change the name from Kohbu to Aiki.
It is only one thesis that Onisaburo wanted Ueshiba to name his art aiki budo.
aiki is an old "technical term" used in many ryu to describe their art.
The kanji ai in aikido ist not the the kanji ai meaning love.
When Ueshiba speakes of Aiki budo as a way of love we have to be aware that his meaning of love in his art 1931 is fundamentally different from what we understand as love.
His "way of love" included lethal blows at the end of the technique.
His Art was also called Ueshiba Ryu; Ueshiba Ryu Aiki Bujutsu; Daito Ryu Aikibujutsu; Aiki Ju Jutsu; Asahi Ryu Jujutsu or even Aiki no Michi .
We shouldn't overemphasize the name "aikido" for it was not given bei Ueshiba himself but by Hirai Minoru and Hisatomi Tatsuo when it had to be integrated into the Dai Nihon Butokukai.
Ueshiba just accepted it.
All that you can read in the mannifold researches of Stanley Pranin and others.