I know a lot of Jewish girls named Devo. It's a nickname for Devorah.
I think it is in the pronounciation. I have been in and around the frum community for many years (and have a teenage daughter) and don't hear the name Devo pronounced like the band Devo. (long e, long o "dee-vo). Of course, it might be an Israeli thing. I don't know.
I have heard Didi, Devi, Dudi, Duhvi, but not any deee-vo's (long o).