late 14c., blober "a bubble, bubbling water; foaming waves," probably echoic of bubbling water. The original notion of "bubbling, foaming" survives in the figurative verbal meaning "to weep, cry" (c. 1400). The meaning "whale fat" is attested from 1660s; earlier it was used in reference to jellyfish (c. 1600) and of whale oil (mid-15c.). Compare bubble.
-y 2
adjective suffix, "full of or characterized by," from Old English -ig, from Proto-Germanic *-iga- (source also of Dutch, Danish, German -ig, Gothic -egs), from PIE -(i)ko-, adjectival suffix, cognate with elements in Greek -ikos, Latin -icus (see -ic). Originally added to nouns in Old English; used from 13c. with verbs, and by 15c. even with other adjectives (for example crispy). Adjectives such as hugy, vasty are artificial words that exist for the sake of poetical metrics.