I have two thoughts on this one. First, hobbits have names that feature plants and geographic features. (For instance, Robin Smallburrow… Was he born homeless? And then was able to later acquire a small burrow of his own?)
My second thought on this is regarding elves. The elves like to give it names with significance in regard to a person’s character. (For example, Gandalf. I know he’s not an elf, but the elves named him Mithrandir. The Gray Wanderer. The Gray Pilgrim.)
Yet, my official guess is… Peregrin Took, son of Paladin. It is a hobbit name, yet it has character significance like the elf names. (I first became aware of the word, peregrine, in Latin, about 20 years ago. It is most commonly used today for a peregrine falcon. But peregrine means a wanderer or traveler in Latin. After the fall of the western Roman empire, it was Irish Catholic monks who spread the gospel the British Isles. One of the hallmarks of these Irish Christians was to load themselves into a boat, maybe a coracle, and let the wind and the waves take them away. They vowed to spread the word of God wherever the wind, the waves, and the spirit took them. They were called peregrinati.) The Tooks were always considered an adventurous a lot, but the name had to have been strange even for them.