When a phrase like mobile vulgatus or mobile peasants gets shortened to mob, linguists call it clipping. And there are more clips around than you might think:
Taxi cab = Taximeter cabriolet
Fan = Fanatic
Bus = Voiture omnibus
Wilco = Will comply
Van = Caravan
Sleuth = Sleuthhound (a kind of sniffer dog)
Butch = Butcher
Cute = Acute
Sperm whale = Spermaceti whale
Film buff = Buffalo