Here's why:
* "Bueno" means "good" or "well."
* "Encantado" means "delighted" or "pleased to meet you."
* "Yo" means "I."
The correct phrase should be "Encantado/a" (for a male/female) or "Mucho gusto" for "Nice to meet you."
So, a correct translation of "Bueno encantado yo" in English would be:
"Nice to meet you!"