This proposal has been rejected. This decision was taken by the language committee in accordance with the Language proposal policy based on the discussion on this page.
The closing committee member provided the following comment:
Lets close this can of worms once and for all. Since the creation of nnwiki many years ago, the old, common Norwegian language wikipedia (nowiki) have seen repeated arguments related to the different Norwegian language variants (Riksmål vs Bokmål vs Nynorsk.)
The ISO 639-2 code no represents all Norwegian languages, not only "Norsk (bokmål)".
The (most) correct code for the language currently used on nowiki is nb.
The language code no is hard coded on the wikipedia servers to be "Norsk (bokmål)" and not "Norsk", resulting in wrong interwikilinks to some joint Norwegian projects (like Wikinews). If nbwiki is created this can be corrected.
End the constant hostilities and heated, endless debates and edit wars regarding article and category naming.