That was quite the misleading name. You'd think it would be B.G. and Kip James doing a literal voodoo gimmick, but the only "voodoo" thing about them came later with their valet.
Instead, it was just them poking fun at Vince with the initials.
I keep picturing the MEM out on the streets beating up random people while wearing suits and hats because of that name. Sting would just stand there doing nothing like always.