>>18734No. It's a kanji thing.
駄 'da' is everything bad. It has some other rare meanings but this is the main use. 駄作 'dasaku' for example is something that sucks
'Me' in megami is an elegant reading of 女, it is present in other older words, just means female, that's all.
'Dame' 駄目 is basically something that's not meant for the eye, ie ugly, bad
女神 'megami' stands alone as a word too as godess since the aforemented use of women sex word
駄 is simply a prefix also in this case somewhat of a joke like you said.
So the final answer is yes and no.