Some truly cutting-edge parent might consider this German classic a so-far-out-it-could-come-back-in name a la Oscar: a nice round palindrome.
Like most German names, Otto fell out of favor during and after the two World Wars--it had been a Top 100 name in the years preceding. And there were some distinguished Ottos before the imperial image of Prussian Otto von Bismark colored the name. Otto the Great is generally considered the founder of the Holy Roman Empire and there were several German and Austrian royals with the name.
Othello is actually a diminutive of Otto.