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Bishop versus Overseer:

From the Intermediate Greek English Lexicon (IGEL):

ἐπί-σκοπος, ὁ, one who watches over, an overseer, guardian, Hom., Soph.:—of tutelary gods, Solon, etc.
2. c. dat., ἐπ. Τρώεσσι one set to watch them, Il.
3. a public officer, intendant, sent to the subject states, Ar.
4. a bishop, N.T.

Etymologically, epi is "over" or "upon" and skopeo is "look at," "observe", "watch," etc. So based on pure etymology, episkopos very naturally renders out as overseer, or guardian, or watcher, etc.

But pure etymology is hardly ever enough to make a good decision about what the word means in context, which is why you look for it in other settings that can illuminate its semantic value, such as its use here as a verb:

Looking diligently lest any man fail of the grace of God; lest any root of bitterness springing up trouble you, and thereby many be defiled;
(Hebrews 12:15)

"Looking diligently" is ἐπισκοπέω ("episkopeo"), and this gets us down into the guts of the word. This is not the idea of an overlord with tyrant powers, nor does it imply, either etymologically or semantically, any sort of pyramid of control, with one top banana over all. What it shows is the sense of one who is seriously invested in watching out for the well-being of his flock, leading by love.

Besides, there is no room at the top. The top person in the Ecclesia is Jesus. Everybody else is a peer. Though it is true everybody in Christ has different gifts:

And God hath set some in the church, first apostles, secondarily prophets, thirdly teachers, after that miracles, then gifts of healings, helps, governments, diversities of tongues.
(1 Corinthians 12:28)

So you can have teaching elders, or you can have administrative elders, or some other mix of abilities, but no matter by what gift it is expressed, these men are still guardians of the flock, watching them diligently, caring for them, etc.

Furthermore, the idea that there would be a limit of just one overseer per local flock is demonstrably untrue. Remember how Paul calls a meeting of the elders (presbuteros) of Ephesus:

And from Miletus he sent to Ephesus, and called the elders of the church.
(Acts 20:17)

And then he calls them all overseers (episkopos):

Take heed therefore unto yourselves, and to all the flock, over the which the Holy Ghost hath made you overseers, to feed the church of God, which he hath purchased with his own blood.
(Acts 20:28)

In which case we see that elder and overseer designate the exact same plurality of individuals responsible for the Ephesian flock. This is evidence that the two titles are interchangeable, depending on the emphasis the writer is trying to make. In elder we have a person who through experience and wisdom has earned the respect of the flock as one whose example and teaching they should follow. An overseer is one who has a specific responsibility to carefully watch over that flock, according to the various perils a flock may face, whether predators from outside seeking to devour them, or needs from within, feeding and watering them, tending them when they are ill or in trouble. But there is no formal distinction or separation of roles as between elder versus overseer (though there are differences in gifts of the Spirit). That split in roles did not come till much later, and the only sources supporting it cannot claim divine inspiration.

Peace,

SR