I saw an interesting theory that he was chained up at the same time Shanks became a Yonko. Shanks being praised by Elbaf makes a lot of sense if true.
Also, the Giants seems to have a brain of a child (except likes of Loki and Saul) and may not have realize Shanks took advantage of their naivety and most likely came after what Loki has which explains he's the only Giant that hate him.
"D-daddy pls give this guy a bounty, I don't like him!!" "Okay but what for, son? He's just some random savage." "J-just call it special bounty, okay!?"
It's special because Loki isn't a true villain he's being framed by all the giants of Elbaf to look like a bad guy when in reality it's every giant who is a villain and not Loki-sama.
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