The first part of the name "Socrates" (Σωκράτης) comes from "sos" (σῶς), meaning "whole," not from "sophos" (σοφός), meaning "wise."
You'll note that "Socrates" and "sophos" have different vowel sounds (omicron vs. omega), and that the accented syllable in "sophos" is missing from "Socrates."
The "-crates" suffix indeed derives from the word for "power," but it's common in ancient Greek names: Philocrates, Hippocrates, Crates of Thebes, etc.