This is a case where a hosta has been known for a number of years under one name but evidence arises that it was named something else at an earlier date. That earlier name takes precedence when it comes to plant names.

From the Field Guide to Hostas by Mark Zilis (2014), this cultivar was "registered as the cultivar 'On Stage' in 1986 by Paul Aden...but 'Chōkō Nishiki' is now recognized as the correct name."

Mikiko Lockwood in an article on The Hosta Library titled, A Little About Japanese Hosta Terms defines the term nishiki as brocade (rich-colored woven fabric) i.e. something colorful and beautiful.