It's pretty much just a giant from ancient mythology. Mostly norse or Viking folklore.
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I wonder how such a small gun got a name like that haha.
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Lol who knows. They probably just had a bunch of neat sounding names in a hat and this is the one they drew for this particular gun.
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That’s how I picture bungie making a majority of their creative decisions in this game honestly. Funny to have someone else think that hahaha.