There were many Greek Olbias over the ancient world: in Ukraine, in Libya, in Sardinia, in Anatolia. The word 'olbios' exists in Ancient Greek as 'happy', 'blissful'. But it has no deeper etymology.
Meanwhile the word 'Olbia' may be interpreted as Ol(y)bia, which is Olubia, which is 'land of lubi', whom we have all the reasons to consider a happy and blissful nation. So, 'olbios' may be a borrowing of nation's name in this meaning. A Greek professor of history commented such an etymology as a possibility.
Ukrainian Olbia coincides with habitat of Herodotus Alazones, while Libyan Olbia is considered to be the source for the corrupted 'Libya' itself.
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