Scientific Latin Octopus draws on Greek oktōpous. Its pieces mean eight and foot. That old naming choice survives even though modern descriptions of the animal call the eight appendages arms.
This view explains the components. They are pieces of one construction, not consecutive borrowing stages.
Sources
- Merriam-Webster · octopus
Formation of the word.
- Merriam-Webster · octopod
Meaning and history of this component.