I just read
Superman #662 and was surprised to see that Boston's internationally renowned starting pitcher
Daisuke Matsuzaka (aka "Dice-K") beat the Metropolis Monarchs, 4-0. Another win for his already incredible record, it must have been the precursor to his victory over the Toronto Blue Jays last Wednesday.
With the Metropolis Monarchs up against the Boston Red Sox in the American League, and the Meteors up against the St. Louis Cardinals in the National League; it's obvious that the Monarchs and the Meteors are analogies for the Yankees and the Mets.
I think the Meteors were also the name of the team Steve Lombard played football for, so maybe the baseball Meteors are actually the never-moved-to-San Francisco analogue of the old New York Giants, and the Earth-1 Mets franchise was awarded to Coast City back in the early 60s. If the Earth-1 Dodgers didn't move either, then E1 has probably seen several Subway World Series in the last 45 years.