From
https://citeseerx.ist.psu.edu/document?repid=rep1&type=pdf&d...: ‘
We chose the terms “class” and “objects” of classes for our new Simula. The notion of subclass was especially appealing to us, since we had seen many cases of objects belonging to different classes having common properties. It would be useful to collect the common properties in a separate class, say C to be specialised differently for different purposes, possibly in different programs.’
It is about classifying objects. You want to have a shared definition for objects that share a common set of properties. Those objects constitute a certain class of objects, defined by their commonality. To specify such a class of objects, you specify those shared properties. This is what classes do in programming languages, they provide a specification of a certain class of objects.
If you know that a given object belongs to a certain class, you then know that is has the properties specified by the class. For example, if you know that an object belongs to the class of String objects, then you know that it has a length property (or whatever).
“Class” is very similar to “type”, except that “type” is usually more general. But in languages where everything (every value) is a object, “class” and “type” can be virtually the same.