Paramount somewhat reminds of a mountain, as it has mount in it. And when it does, perhaps it can be associated with Mount Everest as it is the highest peak in the world. Moreover, paramount also means supreme in rank and here Mt. Everest is supreme in rank in the mountain world.
Meaning of paramount: (Adjective)
1) Main concern
2) Highest/supreme in rank
Usage of paramount:
1) His studies are of paramount importance.
2) He is the paramount authority when it comes to dealing with such cases.
3) This is not of paramount importance.