If we imagine that the iceberg is completely under the water at the beginning, then this image would represent the state of complete unconsciousness at the start of life. When the tip of the ice slowly pushes itself upward, this corresponds to the wonderful awakening of the ego consciousness.
Banzhaf uses the iceberg as a developmental map, with the submerged mass representing primordial unconsciousness and the emergent tip tracing the progressive awakening of ego-identity through the stages of individuation.
, Tarot and the Journey of the Hero, 2000thesis