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:
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.
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.