It reminds me of like underwater volcanic vents or mutant coral or whatnot, and there seem to be green eyes embedded in this thing's anatomy
These pieces of equipment are based on iconic Final Fantasy jobs, from the entries that had those, and so pass the inherent properties onto the generated Hero token its a great bit of theming thats also an interesting wrinkle on a mainstay Magic mechanic in its own right
As most Commanders are three or four or five colors, they will typically hit at least one of those and so they often have "Equipped Creature has Protection from Commanders." The combat trigger is more likely to hit with its dodging around creatures of the given color
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Jolteon, Flareon, Vaporeon, Umbreon, Espion, Glaceon, Leafeon, and Sylveon V all have unique moves