A footnote of Enderton's Elements of Set Theory (1977, page 4) for the definition of power set states that
the reasons for using the word "power" in this context are not very convincing, but the usage is now well established.
I wonder what the not-so-convincing reasons were.
EDIT 1: A question regarding the etymology of power is here.
EDIT 2: On page 141, Enderton wrote that the term "power set" is rooted in the fact that card $\mathscr{P}A$ equals $2$ raised to the power card $A$.