It sounds as if it’s short for Lolita which was a disturbing story about a pervert and a young girl.
I think Nabokov probably chose that name as it sounded like she was sone kind of plaything ( or lollipop?!) . But even if he didn’t, it does.
To top it off, for some reason my breastfed cousin would cry “ lolo” whenever she wanted to breastfeed, and it was basically her word for boob. We all found it hilarious as a name for breasts and it kind of caught on ( maybe because it brings to mind lilos and inflatables generally?) so it’s a big no from me.