There have been several theories about the origin of the name.
Wells' book Kipps is a warning of problems created by distributing wealth to people with no "cash handling skills". Kipps inherites a fortune of which, in true Beatles style he is immediately defrauded; a society which makes its poor rich makes its criminals rich.
Kipps is saved by a lucky investment in the first play of a flambouyant, carefree and sensationally anarchic character called Chitterlow. The global popularity of the play rests entirely on one stupendously asinine scene of a man with a beetle stuffed down his shirt:
"That was two years ago, and, as the whole world knows, the Pestered Butterfly is running still. It was true. It has made the fortune of a once declining little theatre in the Strand; night after night the great beetle scene draws happy tears from a house packed to repletion, and Kipps--for all that Chitterlow is not what one might call a business man--is almost as rich as he was in the beginning. People in Australia, people in Lancashire, Scotland, Ireland, in New Orleans, in Jamaica, in New York, and Montreal, have crowded through doorways to Kipps' enrichment, lured by the hitherto unsuspected humours of the entomological drama. Wealth rises like an exhalation all over our little planet, and condenses, or at least some of it does, in the pockets of Kipps."