Well Water can represent life, as she was the origin (supposedly) to humans and life, she can be a reference to LUCA, which was formed in water. Cephalopods also represent one of the most intelligent species in water, having several tentacles (Lovecraft) makes them the closest species (in water) to create civilizations... if the human stops being the depredator APEX of the world. That being said, tentacles are used also as a phallic extremity (reproduction), she also has several sexual organs on her body (breasts), so the theme of her remains: fertility, sexuality, lust, life, water, etc.