I always thought New Kama was a portmanteau of the Japanese words New-half (transvestite, somewhat derogatory) and Okama (another term for transvestite, typically homosexual, sometimes as a prostitute). It plays off as a humorous continuation of Mr. 2's Okama Way slogan. It also almost sounds like Japanese Engrish for "newcomer". The whole linguistic and lore humor is pretty much lost.

It should be noted, though, that the mentally ill (even in Japan) are trying to appropriate those words to mean pre-dick removal trannies.