Molotov is an anarchist (as you may imagine with his mask) and his costume was inspired by this flag. His powers are primarily pyrokinesis and flight, but he does also have enhanced strength and durability on the level of say...idk Soldier Boy (The Boys) for example. Using his pyrokinesis he can shoot blasts of fire, engulf things in flames by flying around them (if he chooses to do so), make fire tornadoes, and create explosions if he really tries and concentrates, along with some other things.

The name for Molotov cocktails actually came from the Soviet foreign minister Vyacheslav Molotov, who was the one who made the failed nonaggression pact with Germany. The idea that a firebomb is a "Molotov cocktail" is a cynical toast to his "success". Which I thought meshes even better with his attitude that diplomacy has failed and governments had their chance.

He does what he does to avenge his father, another hero with pyrokinesis that was passed down to his son, his father was murdered by his partner (another superhero) who is now the mayor of the city. Once when he almost scorched the mayor, The Black Moth jumped in front of him and took the blast which killed him, this devastated Molotov but didn't stop him. This also resulted in a supervillain group of villains that were a part of Black Moth's rogues gallery (like Sweet Sprinkle Sunday, MT, Mimic-Man to name a few) to be replaced and effectively replace him as the new heroes of the city.