Mal literally means "bad" and I think it is an interesting choice for a name.  While he is a punk, I do think that he is at least partly a victim of circumstances.  Wrong place, wrong time, or at least wrong employer.  His reaction, of course, was his own and he is responsible for that.  However, he was definitely manipulated.

Put into the context of British history, one may feel that Malvolio deserves the treatment given him from Maria and Toby. Critics feel that in the deception of Malvolio by the others, Shakespeare comes closest to Jonsonian comedy, which is surprisingly satiric. So, in the ridiculing of Malvolio, Shakespeare unmasks the pretentions of the Puritan.