As its name suggests, it is a hybrid of an octopus and a shark.
The nose of this monster resembles the snout of a sawfish.
This card appears to be a "base" version of "Sharkraken". This relationship can be seen more easily in the direct translation of the Japanese name for "Shocktopus", which is actually "Sharktopus".
In this card's debut appearance, "Shocktopus" was Tributed for the Special Summoning effect of "Sharkraken"
This direct translation was likely not used to avoid copyright issues, as Sharktopus is also the name of 2010 Roger Corman film released on SyFy.