[Too long for a comment, but might be useful nonetheless]
The chemical symbols are symbols because they are universal, as brasshat has stated in his answer.
However, they were originally derived as abbreviations — often from Latin. Fe for iron comes from ferrum; Pb for lead comes from plumbum (think plumbing); Sn for tin from stannum; C for carbon from carbo "coal"; there are many more examples.
H is an abbreviation of Lavoiser's French name for the element, which he derived from Greek.
Tungsten's symbol W is unusual though. Tungsten is a Swedish word, but its other name wolfram is derived from wolframite, tungsten's principal ore. Wikipedia has
The name "tungsten" (from the Swedish tung sten, "heavy stone") is used in English, French, and many other languages as the name of the element, but not in the Nordic countries. Tungsten was the old Swedish name for the mineral scheelite. The other name "wolfram" (or "volfram"), is used in most European (especially Germanic and Slavic) languages, and is derived from the mineral wolframite, which is the origin of its chemical symbol, W. The name "wolframite" is derived from German "wolf rahm" ("wolf soot" or "wolf cream"), the name given to tungsten by Johan Gottschalk Wallerius in 1747. This, in turn, derives from "Lupi spuma", the name Georg Agricola used for the element in 1546, which translates into English as "wolf's froth", and is a reference to the large amounts of tin consumed by the mineral during its extraction.
The same has happened for SI units: the unit of energy is the joule, named after the English physicist James Joule; its symbol, derived from his name, is J.
Even the gas constant R mentioned by brasshat might be originally an abbreviation, or at least derived from a name. Wikipedia again:
Some have suggested that it might be appropriate to name the symbol R the Regnault constant in honour of the French chemist Henri Victor Regnault, whose accurate experimental data was used to calculate the early value of the constant; however, the exact reason for the original representation of the constant by the letter R is elusive.
Thus although the letters are symbols (because they are universal), they had to come from somewhere. The particular choice of which letter to use is at least guided by some name relevant to the element or quantity, but it's not strictly an abbreviation.