I’ve read an account about someone’s grandmother having porcelain figures with names like “princess.”
Is it possible that Andy just CALLS her Bo Peep while her ACTUAL name would be something like “shepherdess with sheep?”
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Vintage Bo Peep toys do exist that are specifically named. The toys seem to know their own names as well fresh out of the box (like Buzz Lightyear).
Jack B Nimble's out-of-universe answer is fine, but even in-universe, all the evidence points to "Bo Peep" being her real name.
Andy almost exclusively refers to his toys by their real names - Woody, Buzz, Jessie, etc. The only exception is Hamm, who takes the role of "Evil Dr. Pork Chop" during Andy's play sessions, but Andy still knows his real name because he calls him "Hamm" at the end of Toy Story 3 while introducing him to Bonnie:
And Hamm, he’ll keep your money safe, but he’s also one of the most dastardly villains of all time, evil Dr. Pork Chop.
The scripts for the first two films exclusively refer to Bo Peep by that name.
At the start of Toy Story 3, as the remaining toys remember the ones who were sold or given away, they refer to Bo by name. If her real name wasn't "Bo Peep", you'd think she would have at least told the other toys what it was.
WOODY: I mean, yeah, we’ve lost friends along the way. Wheezy and Etch and--
REX: Bo Peep?
WOODY: Yeah. Even Bo.
There's nothing to suggest that her real name is anything other than "Bo Peep".