entymonline.com isn't quite certain about the origin/meaning of "Jack" here.
also jackknife, "pocket knife larger than a pen-knife," 1711, probably American English, apparently from some sense of jack (n.). Perhaps it originally was associated with sailors. Jackleg, jacklegged was a U.S. colloquial term of contempt from 1839. Scottish dialect had jockteleg (1670s) "large clasp-knife," of unknown origin, also jackylegs, jack-o-legs. As a kind of swimming dive from 1922; as a type of tractor-trailer accident, 1966; both from the notion of folding, as the knife does.
M-W dates the term a bit earlier, from the late 17th century.