Party in the western sense doesn't exist in Japan. Only the formal social gatherings are called "party" in Japan. I don't know how they call the western style of party with booze, chicks, douchebags and DJs which does happen in Japan too. Instead, there's more distinct occasion designed exclusively for finding a girl/boy friend. That's called コンパ. I don't know if the word was derived from "companion". Although the event usually takes place in a small "compartment" of the restaurant that only fits for 6-8 people. I heard that this is same in South Korea. Again, this is still very formal though, in terms of the people attending sitting in one place talking and eating very politely all the event through, compared to western bar meeting style.
The wikipedia page avoids being telling a lie. It says, "It is often suggested". The book of the wikipedia reference states so. But it doesn't supply proof, back story or anything. It's fair to say we can only guess it may be it. It sounds like it though. "Companion" has its own meaning in Japanese, "compartment" isn't very much used in Japan and it's just my own joke LOL. Only "company" sounds like the one college students would come up with for naming their parties but it doesn't really reflect the real purpose of the party which is finding a single person. Not a company of people. Assuming that it tended to disguise the "purpose", it still doesn't sound like the coolest choice of word college students can make.
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