While the literal meaning of the Sanskrit word “Namah (नमः)” is “not me” i.e. “not my ego-self”, there is a hidden Yogic relevance to it.
“Nam (नम)” or “Namah (नमः)” is a reversal of Sanskrit word for mind, “Man (मन)” or “Manah (मनः)”. I have written earlier that the English word “man” has its root in the Sanskrit word “Man (मन)” or the mind.
Chanting “Namah (नमः)” in a mantra, e.g. in “OM Namah Shivaya”, reverses the outward flow of the mind (towards the senses), inwards (towards the purified intellect). This is the goal of Yoga.