"Connaught" is an anglicisation of the proper name for the province - Connacht. As a result it has little inherent meaning. In my experience, it would be rare for a Connacht native to spell it with the "aught"#
From Wiki............
Connacht means "the descendants of Conn" (Conn itself possibly meaning wisdom or chief). The name was derived from the
Connachta dynasty, who claimed descent from the mythical king
Conn of the Hundred Battles. The present-day senior representative of the dynasty is The
O'Conor Don.
In Irish the province is usually called
Cúige Chonnacht. Cúige denotes a
portion. Because Ireland had five major kingdoms, the term came to denote
a fifth, meaning a territory comprising one fifth of the island. The other
fifths were
Ulaid,
Mide,
Laighin and
Mumhan. Notable kingdoms such as
Aileach,
Brega,
Osraighe and
Ui Maine, never gained the status of
fifths, but were recognised as powerful kingdoms within each
fifth.
An alternative anglicised spelling which was officially used during English and British rule is
Connaught.
[2] In 1874
Queen Victoria granted the title
Duke of Connaught to her third son, and could trace a descent from the Connachta.
[3]