I had the same issue trying to install the combo on 10.10.1 build 14B25 so I investigated a bit deeper to see where the error came from. Packages can have a Distribution file in their resources with various checks to determine whether to install or not their content, here an extract of the one from the 10.10.2 Combo update:
function compareBuildVersions(lhs, rhs) {
var lhsMatch = lhs.match(/([0-9]+)([A-Z])([0-9]+)([a-z])?/);
var rhsMatch = rhs.match(/([0-9]+)([A-Z])([0-9]+)([a-z])?/);
return system.compareVersions(lhsMatch.slice(1).join(","), rhsMatch.slice(1).join(","));
}
...
if (compareBuildVersions(my.target.systemVersion.ProductBuildVersion, '14A388a') < 0) {
my.result.message = system.localizedString('ERROR_2');
my.result.type = 'Fatal';
return false;
}
if (compareBuildVersions(my.target.systemVersion.ProductBuildVersion, '14B24') > 0) {
my.result.message = system.localizedString('ERROR_2');
my.result.type = 'Fatal';
return false;
}
ERROR_2 is indeed "This volume does not meet the requirements for this update." which should be the error you are getting.
The second check is what failed for me. So since I still wanted to install it anyway I simply removed the check and it installed just fine (pkgutil was used to expand and then flatten again the package after the change). Manually doing the check both against 14B25 and 14C109 (because it should be possible to reinstall the combo ontop the same version) returns 1 which is greater then 0 (that's what > means) thus tripping that error.
To see the return value I simply used my.return.message in another modified package to output it in place of where the error would've been.
So is this behaviour intended or Apple released a bugged Combo?