"Pawn" is too light... doesn't show any real power or dominance. And being a chess player myself, it also reminds me of those weak little pieces of crap you sacrifice.
But now "Pone" (better example than "pown")... that's got the hard "o" sound, and it just sounds funnier. And I only ever use the term when in a comical sense.
Not to mention that "pwn" is a derivative of "own", with a "p" added to it. So, pretty much, this silly integral of "own" is pronounced "pone".