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It's a two-part word, the first half is a region or cultural space, in this case "Hive". While the second part "-dinger" meaning "a thing" is made of those influences.
For example, in Bavaria, there are a lot of wild rabbits, ducks, deer, foxes and bores. Therefore this is a Woiperdinger:
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Of course, it's not just one version of it, rather people made those, actually, they patched those together with taxidermy skills for hundreds of years already.

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An Hiverdinger would then be an animal looking like a mixture of the people of Hive. Full disclaimer, I don't think it's legal to craft a Hiverdinger, but I won't judge.