Greatness or power
A modern American creation likely blending the prefix 'Dae-' (often associated with the Korean word for 'great') with the name 'Kwon' (a common Korean surname meaning 'power' or 'authority'). It emerged in the late 20th century, popularized within African American communities as a rhythmic, invented name.
Less common today
Daekwon isn't in the latest US Top 1000. It last peaked at #2,253 in 1996.
Rapper and member of Wu-Tang Clan whose birth name is Corey Woods but popularized the 'kwon' suffix
US births per 5-year period, 1990βpresent (SSA data).