Comments (Usage Only)
It could be used for any names ending in Rico like Alberico, Frederico, or Roderico.
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Allegedly also Portuguese: https://en.wikipedia.org/wiki/Portuguese_name#Nicknames
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The name Rico was given to 107 baby boys born in the US in 2012.
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Source: "Vornamen in der Schweiz. Prénoms en Suisse. I nomi in Svizzera. Prenoms in Svizra" (1993) published by the Association of Swiss registrars
https://rm.wikipedia.org/wiki/Rico_Tambornino