The Bruce in question was Berkeley's own Bruce "bmah@cory" Mah, a most knowledgable CS student of that time, someone who all members of the band held in the highest esteem. Bruce was interesting enough to name a band after. Anyhow, bmah gets another mention in the MegaBrööce cover of Hell Bent for Leather.
Craig Mah said that he came up with the band name. He was living in a suite in the dorms. He and his roommates saw this Monty Python routine in which all the characters called one another Bruce. So everyone in Craig's suite started calling one another Bruce. Thus the name MegaBrooce. Craig was probably kidding, though.