Geordie in this case has no relation at all to the term as used (later) of people living in a particular part of the North East of England; it's just a name, like Gordon, or George, or whatever, and it's a mistake to read meanings into it that don't exist. Same goes for a lot of Irish songs, for that matter; because some of them are metaphorical, that doesn't mean that they all are. In fact, most are not, and mean just exactly what they say.