I know the equation of a double-napped cone is $\frac{x^2}{a^2} + \frac{y^2}{b^2} = \frac{z^2}{c^2}$ but don't fully understand how this is derived. For a right circular cone centered at the origin, I know the equation is $x^2 + y^2 = z^2$. Is this because the double cone is a stack of different-sized circles, each with the equation $x^2 + y^2 = r^2$? I don't see how $r^2$ can be replaced with $z^2$ if the slope of the cone is not 1, and the slope of the cone could be anything.
If it's instead because the cone's surface is a set of hypotenuses of right triangles, the then the order of the variables wouldn't make sense, since a segment of length $z$ (in red above) would be a leg, not a hypotenuse. I'm also assuming that $a$, $b$, and $c$ deal with elliptical cones. Can anyone help me solve this conceptual puzzle?


Let $O$ be the origin and vertex of the circular cone, $P(x,y,z)$ be a point on it, $\theta$ be the semi-vertical angle and $(n_x,n_y,n_z)$ be a unit vector along the axis, then in the picture where half the disc perpendicular to the axis making a triangle with the angle $\theta$ at $O$ is the opposite, the hypotenuse is $\sqrt{x^2+y^2+z^2}$ and the adjacent is $n_x x+n_y y+n_z z$ (project $P$ to the axis) making $$\cos(\theta)=\frac{n_x x+ n_y y+n_z z}{\sqrt{x^2+y^2+z^2}}.$$ This gives an equation of the form $$(x^2+y^2)/a^2-z^2/c^2=0.$$
Now, the general cone $x^2/a^2+y^2/b^2-z^2/c^2=0$ lies between the two circular cones $(x^2+y^2)/a^2-z^2/c^2=0$ and $(x^2+y^2)/b^2-z^2/c^2=0,$ like an ellipse between the two circles on radii the semi-axes.