The ancestry website does have a UK distribution map for this name though it gives no meaning. I notice that the stronghold of the name is Somerset, as it is for the similar surname, Boobyer. This last derives from a Devon place name, Bowebear. Could Booby be a shortened form of Boobyer? A couple of other possibilities - Boothby, a Northern English place name. Reaney and Wilson cite an instance of a man named Hugo de Boebi in 1190, who is called Hugo de Boothby in 1205. The fact that is is a Northern name and Booby belongs to the south-west makes this a less likely prospect in my opinion. Bouby, a French surname that may denote someone with a speech impediment.