The Asbat we refer to (which can also be written as Athbat) is derived from the TH-B-T3, while the one you mention is derived from S-B-T16 root. In other words, they are completely different and unrelated words. They also have different pronunciations, the word you mention is pronounced [(U)p + (S)um] + [(BA)nd], while the one we mention is pronounced [(U)p + (S)it] + [(BUT)].
You can use the word you mentioned as a name, and in that case it would be a direct Quranic name as your question notes. The word means "tribes" and is the plural of Sabt.