It's really just describing the Kinetic Energy (Ek=1/2 m v^2) of the air mass, which is then combined with the other parts of the fomula's multipliers eg surface area. Ek increases with the square of the speed. Are you familiar with the idea that having a head on accident in your car at 4mph is nowhere near as bad as the same accident at 8mph? The speed is doubled but the *energy to be dissipated* has quadrupled!