The series of Biohazard games began in 1996 with the first release 'Biohazard' on the Sony PlayStation. Later, 'Biohazard 2', 'Biohazard 3' and 'Biohazard Survivor' were released. 'Biohazard Survivor' was the first first-person view of the series to be made. The game was a total flop and it could not compare to the rest of the series since it did not include any of the original characters or story line. 'Biohazard Code Veronica' was released later for the Sega Dreamcast and then re-released on the Sony PlayStation 2 as 'Biohazard Code Veronica Complete Edition' which included many cut scenes.
This is the first arcade version of the series to be released. Capcom is known for creating great fighting and survival/horror games, but they are not known for their shooting games ('Biohazard Survivor' was to be a shooting game, but they stuck with the normal controller and made it a first person shooter) so they sought out Namco who has a reputation for creating great shooting games (e.g. Time Crisis 2). The name is cool because the game is based on 'Biohazard Code Veronica Complete Edition', but is in the first person view like 'Biohazard Survivor' so they mixed up the names to create 'Gun Survivor 2 - Biohazard Code Veronica'.
The name 'Biohazard' is only used in the Japanese versions of the series. In the US, the series is known as 'Resident Evil' so one can assume that the US release of this game might be called 'Gun Survivor 2 - Resident Evil Code Veronica'.