Traditional assembler, and higher level compilers work with several memory segments, according to intended use. Hence, there is a data segment, a stack segment, a bss,
It might have something to do with the fact that the code section was usually read-only, and it could also contain strings of characters for the text messages the program could display to the user as messages. Hence the "text" section. This is in contrast to the "data" section which contains pieces of data that can be modified.