I think your idea has merit. Many names have origins such as "Smith" and "Wright". I also note some old swords have cryptic word or coding on them, which is said to be "code" for some, so quite possible some surnames have also originated in the same manner. Be a good investigation to do.
HOW MANY NAMES CONTAIN
CODES, OR DIRECTIONS, TO PLACES
WITH VALUE, OR SPECIAL MEANING
For example: In one, classic, Sherlock Holmes movie, part of the plot-line was something called the "Musgrave Ritual".
A recitation, or poem, which each inheritor, of the Musgrave Manor was required to recite, in order to become official lord/lady, of Musgrave Hall.
With this as my foundation, for this question, I am wondering about my own, family name.
A name which, according to Ancestry.com, is a "Topographic name, which originated in Middle High German".
The first part, of my family name translates, in German, to "Behind", or "Beyond"
The second part translates, in German, to "Mountainside".
While I am un-aware of Sir Arthur Conan Doyles source, for his story, and the "Musgrave Ritual", I do wonder just how many, modern, names, MIGHT have similar "codes" built into them.
Codes, which, centuries, or millenia, ago, might have lead either to items, of legal, personal, or national, value.
Just as computer programmers write "access", "override", and other codes (which ONLY other computer programmers understand), I wonder how many, family, names, might contain ancient forms, of these "codes"?
Maybe even directions, to find what needed to be hidden, from prying eyes, of the ancient world?
Intriguing, is it not?