What does 'texmf' stand for?

From A Directory Structure for TeX files, 2.2 Rooting the tree:

In this document, we shall designate the root TDS directory by texmf (for “TEX and METAFONT”). We recommend using that name where possible, but the actual name of the directory is up to the installer.

It is short for TeX and Metafont.

This name was in fact used as a possible name in the very first message to the Tex directory structure list

http://tug.org/pipermail/twg-tds/1994-October/000001.html

So I think it must have been the existing name in web2c-TeX/kpathsea but I can't recall exactly.