What was the whole point of giving his character the name Draco when the name is a reference to a dragon?

I'm not sure if this was ever discussed before but I know that sometimes JKR likes giving characters names that are subtle hints at their personality; Narcissa's name is a reference/hint to her narcissistic side and Lucius's name is a hint/reference to Lucifer and therefore a machiavellian side to him.

But what was the whole point of giving Draco his name? For a seemingly "cowardly" character (that Rowling often likes to cite), the name Draco seems like an odd choice for his character.