The password is JUSTIN BAILEY ------ ------ . Metroid has been disassembled to prove that there's nothing special about those words in the code. The password is a coincidence, that the bit pattern happens to pass the checksum and produces a Samus who possesses most of the powerups in the game.
There's no meaning to it. It's not anybody's name, and anything about the swimsuit is fan retcon. You probably learned about it from either Nintendo Power or one of the many unofficial NES game guidebooks. They invented all sorts of urban legends around it, but modern eyes on the cold code can prove it's just a fluke.
It actually gives an impossible game state: Samus has 255 missiles current but 205 max, and some of the combinations are inconsistent like a set of missiles acquired behind a door that remains locked.