One of the proposed names for it during development was Tunakkene.
Its Pokédex description is a lyric from the music video. I have absolutely no idea what the fuck it means but it is in fact a lyric.
Update: Google translate says it means "Dholna, you will have to pay a small amount of money to help you save money." So yeah, no help there. Maybe this song is part of an Indian pyramid scheme.
Update 2 Electric Boogaloo: After actually googling a translation of the song, the lyric apparently means "Sweetheart, the strings of toomba play, Listen to what the heart saysm Come and love me, Sweetheart" So there you go.
Tunakking and its pre-evolution is based on the music video Tunak Tunak Tun by Indian artist Daler Mendhi, which was made when people criticized the artist for having many beautiful women in his music videos, and thus he made this music video with only himself and a green screen. https://youtu.be/vTIIMJ9tUc8
It also looks very similar with the Genie Trio Tornadus, Thundurus, and Landorus from Pokemon Black and White and Black 2 and White 2.
It is a combination of "Tunak Tunak Tun" (the name of the music video) and "king"