Up until the 1970s, the city of Chicago had what was called "the stockyards". These were slaughter houses, located on the south side of town, where cattle were brought in by railroad, slaughtered, and send out by railroad to be sold as beef products. With this history, it's understandable why the city's Basketball team would choose to name their team players after the male cattle, bulls.
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The Chicago NFL team is actually called the Chicago Bears not the Bulls. However the Chicago NBA team is the Bulls.