This illustrates the case where the meaning of language subtly shifts over decades of usage.
Let's start with the verb 'to throttle', meaning restrict. This action was needed to control the speed of internal combustion engines, to control the speed, by 'throttling' the supply of air and fuel to it.
When the person using the term is designing the car, or mending the engine, it's this verb form that's uppermost in their mind.
To the user of the car, not needing to know any of the details of an engine, sitting facing a range of controls (the brake, the clutch, the throttle), throttle is a noun, the name of the control.
The default state of a car is the engine running at idle. To make it do something useful, you have to 'give it some throttle'. To make it go as fast as it can, you give it 'full throttle'.
This is reinforced by the fact that, in a car, you have a choice between two pedals. You have the brake, which slows the car down, and the throttle, which obviously does the opposite thing.
Concentrating on the throttle pedal, it is spring-loaded in the low-speed direction. To make the car go faster, you press harder on the throttle, you give it more throttle.
The original verb form retains its sense of operation direction. The noun form appears to have lost that sense. When we say 'throttle it up', we are not even using the original verb form, but a new verb based on the noun, use the throttle control to so as to increase the speed.