This monster is based off the Dungeons & Dragons representation of a Mesopotamian goddess, Tiamat. Dungeons and Dragons depicts Tiamat as being a five-headed goddess of evil dragons, with each head colored one of the primary colors of chromatic dragons - blue, green, red, black, and white.
This is fitting, as "Blue-Eyes" is a LIGHTmonster, one of two Attributes that can destroy "Five-Headed Dragon" in battle.
The mechanized head represents the EARTH Attribute, the center yellow one represents the WIND Attribute, the black one represents the DARK Attribute, while the FIRE and WATER heads represent their own Attributes, respectively. There is no LIGHT Attribute head, referencing its effect of only being able to be destroyed by LIGHT (or DIVINE) monsters.