According to Archaeologist Groff, the Master's Glaive was the site of an ancient battle. The titans sent twenty of their Stone giants against Soggoth. Of those twenty giants, only one survived. The tablets say that Kronn, the largest of the Stone giants, allowed himself to be entangled by Soggoth's tendrils -- just long enough to be lifted close enough to the creature's skull and within reach of Kronn's mighty sword.
It is possible that the name comes from "Shoggoths" which were mostly shapeless blob like and tentacled creatures from the Lovecraft universe.
Shoggoths were created by the Elder Things or "Old Ones" in the Lovecraft universe to serve as bioengineering construction equipment, but eventually broke free and entered into service of the Old Gods. Considering Soggoth is a servant of the Old Gods in the Warcraft universe his name is most likely more based on the Shoggoths.