IIRC, when America West asked IATA for a two letter code assignment,(this was in '82 when a lot of new entrants from the first wave of post dereg start-ups were still around and hogging codes) they were given a choice of two: HP and VD.
Because of the number of airlines in the world and the finite limit on two letter codes, not all carriers can have a "vanity" code that matches the name. Airlines that were around in in the 1950's got to pick the "good codes". (AF, UA, LH, AA, JL, etc). Younger carriers have to take what is left. US Airways did not come by the two letter "US" code easily. It used to belong to the USAF Military Airlift Command. They agreed to pick up "MC" after the demise of Muse Air. (Remember them?), freeing up the "US" code and enabling (then) USAir to change from "AL"
[Why, oh why, do I waste brain cells remembering junk like this???]
Sort of on topic: what is America West's three letter ICAO code?
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