The Mughal emperors were known for their power, wealth, and influence and this term became associated with these attributes. As a result, "mogul" became used to refer to any powerful person or entity in the English language.
Interestingly, the term "Mughal" itself originates from the Mongol word "Mongol", as the founder of the Mughal Empire, Babur, was a descendant of the Timurid dynasty, which claimed lineage to Genghis Khan. However, while the word "Mongol" remains associated with the Mongol people and their empire, "mogul" has evolved to represent a more general concept of power and influence.