At the time of it's introduction in the late 1920s, the .38 Super was the highest velocity pistol cartridge available in the US. This was in the pre-.357 Magnum days, when the available medium-large pistol and revolver cartridges were: .38 Special, .44 Special, .45 ACP, .45 Colt, and 9mm.
The .38 Super presented in the M1911A1 platform represented a considerable improvement in power and velocity over it's predecessor .38 ACP cartridge. In the lexicon of the day, "super" meant an elevated, higher power and more capable version of something already existing. As in "Superman".