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First and foremost look at his ears in Lazzo. You can barely make it out, but they are pointed, and in fact look distinctly different from Dottore's right next to him. It doesn't match the ears used for the elves or the fae, but do you know whose they do resemble?

Third, because the only other sovereign we've come into contact with that had been reduced to a human state was Neuvillette, and we have no idea what exactly happened to the original electro sovereign a lot of things are up in the air. I checked and it appears the only time in-game even alluding to the electro dragon MIGHT have been Nicole's artifact set that implies one of the sovereigns came from the Dark Sea to assist in the war against Celestia. Though as far as I know that doesn't day anything about what might have happened to the electro sovereign later down the line, or even after.

Wings brushed against wings in a dry, whispering hiss, for never since creation had so many angels gathered in one place. As if roused by thunderous war drums, beasts long forgotten by the world caught the scent of blood that tainted the divine. From lightless valleys and the far reaches of the outer seas, the most ancient masters of the earth also came forth to answer the call.

Fourth, this is mainly about other features of his design that I think are odd.

Something about the metal parts of Pantalone's turtleneck and coat looks like something distinctly Inazuman. Several aspects of his design almost remind me of the Thunderbird, which has been theorized to have some kind of connection to the electro sovereign.

I know that is a pretty weak correlation but the devs are always pretty purposeful when it comes to designs, and I probably just don't have the lore knowledge to explain why they look so familiar. Also want to highlight with this photo is Pantalone's eyes. One of the biggest issues with this theory is that Pantalone's eyes are not reptilian the way Neuvillette's are, they are clouded. Even underneath the cloudiness they have a very unique shape compared to other characters and I can almost see where a vertically-slitted pupil could be.

Two more things, Pantalone has faint dragon scales on the inside of his cloak while the pattern on his scarf is a slightly less distinct, but similar pattern. Unless he's trying to mock Rex Lapis, I cannot imagine another reason for this design choice. Also others have pointed out the metal adornments on his back look like wings. Also even on the model sheet you can't see Pantalone's ears and I can't find a photo anywhere with it.

I myself am still not entirely sold on this theory because since he was regularly being examined by Dottore himself it seems kind of weird that he would have found nothing super unusual in his physiology, and I honestly think it would cheapen Pantalone himself if he is something other than human. But I do think there is some substance to the theory itself, if nothing more than Pantalone having some connections to the dragons in one way or the other.