Obviously, the C in CV originally stood for cruiser as carriers were envisioned as part of the fleet scouting force. Couldn't use CA as in cruiser-aircraft because CA was already taken by the heavy cruiser types. So, what to do . . . well the Navy was looking at two methods for getting people into the air, lighter-than-air (dirigibles, blimps, and such) and heavier-than-air (the airplane). With General Order 541, issued in 1920, the lighter-than-air type craft were assigned the letter Z (so you see that as both squadron designators and as airship type designators – the Z referenced back to either Zeppelin as a type of craft or to Count Zeppelin himself) and the heavier-than-air organization received the letter V (squadron designators and aircraft types all starting with the letter V).
The true origin of the V for heavier-than-air is clouded in the mists of time and lack of documentation, but the general consensus, even in the Navy, is that the V derives from the French verb "voler," meaning "to fly" or, also from the French, "vol plane" meaning "gliding flight". Thus, you see starting with the letter V all the various stripes of heavier-than-air aircraft, squadrons designations, and finally in describing the carriers as CV, tenders as AV, AVP. AVD, and such. The carriers carried heavier-than-air V types, thus were carrier-heavier-than-air . . . CV.